\preliminary\ bailout deal in one month
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

'Preliminary' bailout deal in one month

Arab Today, arab today

Arab Today, arab today 'Preliminary' bailout deal in one month

Nicosia - AFP

Eurozone country Cyprus said on Saturday that it aims to reach a "preliminary agreement" with international lenders on a banking and sovereign bailout including Russian funds within the next month. Finance Minister Vassos Shiarly told reporters after chairing talks with European Union counterparts in Nicosia that he would not know the precise amount until further talks on terms and conditions set for Monday. "We anticipate preliminary agreement within the next month from now," he said, arguing that the delay in negotiations going back to the Cypriot government's request for financial assistance in June was due to the island nation taking over the EU rotating presidency, as well as the holidays and limited resources. He said that the final figures -- 10 billion euros ($13 billion) was suggested at the time -- would likely follow a formula whereby half came from Russia, with the other half divided into four parts eurozone and one part International Monetary Fund. "In the case of Ireland, bilateral loans also went into the overall troika (lenders) pot," he said, even if "the discussions with Russia are taking a different approach," which is more "political." He said Russia had only indicated that it would deliver its decision "in due course," but added that "we don't have a liquidity problem." Funding is needed to prop up a Greek-exposed banking system and recession-hit economy. The so-called troika of lenders -- the European Commission, the European Central Bank and the IMF -- has made two visits to Cyprus since the Mediterranean resort island called in help. The troika reportedly wants to slash the state payroll by 15 percent, shave 10 percent off welfare benefits, reform or scrap the inflation-linked cost-of-living allowance and roll back government-subsidised housing finance. But the island's communist-led government has been resisting austerity moves that it says undermine an economy already in recession. Authorities have declined to say how much Cyprus' 17-billion-euro economy actually needs to remain solvent, but credit ratings agency Standard & Poor's estimates the figure could amount to as much as 15 billion euros over three years.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

\preliminary\ bailout deal in one month \preliminary\ bailout deal in one month

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

\preliminary\ bailout deal in one month \preliminary\ bailout deal in one month

 



GMT 11:28 2017 Saturday ,15 April

President Al-Bashir's visit to Kuwait and Bahrain

GMT 07:51 2017 Sunday ,26 November

HRH Crown Prince condoles with Egyptian President

GMT 14:35 2018 Friday ,12 October

Bahrain's media history documentation hailed

GMT 11:45 2017 Friday ,29 December

10 bodies found in mass grave in Myanmar

GMT 08:44 2016 Monday ,19 December

Hopeless Afghan struggle to save boy sex slaves

GMT 15:15 2013 Friday ,05 July

I breathe freedom in Jordan

GMT 12:55 2016 Sunday ,18 December

Kerry in likely last visit with Saudi king

GMT 05:49 2017 Wednesday ,24 May

Indian police make arrests after mobs lynch 8

GMT 12:12 2017 Sunday ,19 February

More South Sudanese officials quit unity gov't

GMT 09:25 2017 Wednesday ,09 August

Ghada Abdel Raziq prefers exciting drama

GMT 15:03 2017 Saturday ,14 October

HM King congratulates French President
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday