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Image header Agence Europe
Europe Daily Bulletin No. 10871
ECONOMY - FINANCE - BUSINESS / (ae) cyprus

March agreement must stand

Luxembourg, 20/06/2013 (Agence Europe) - The eurozone cannot see a better alternative to the aid programme worked out for Cyprus in March, explained several eurozone representatives upon arrival at the Eurogroup meeting on Thursday 20 June. Euro Commissioner Olli Rehn said they had “recently agreed on a programme for Cyprus and we will work on the basis of that programme”. Jörg Asmussen, a member of the Executive Board of the European Central Bank, went further, urging the Cypriot authorities to apply the plan, saying there was “no viable alternative to implementing at 100% the strategy outlined in the MoU”. The Cypriot parliament passed the Memorandum of Understanding in April, pointed out Austrian Finance Minister Maria Fekter, saying she was surprised that it was now being challenged. The head of the Eurogroup, Jeroen Dijsselbloem, followed suit, saying that “more money wouldn't be good” because they wouldn't be able to pay back the loan. Nicosa says that its request has been misunderstood and it has never asked for a complete overhaul of the March agreement (see EUROPE 10865 and EUROPE 10870). (EL/transl.fl)

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