Cyprus deliberations with the troika on MOU

The Cypriot government announced that the negotiations with the troika on the formulation of the country’s adjustment program ended with the involved parties having concluded on the program. The Cypriot fiscal position is expected to move from a 2.4% primary deficit in 2013 to 1.2% surplus by 2016 and 4% thereafter. The government will undertake…

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EU plans XXL bailout package

According to FT Deutschland, eurozone leaders are preparing a larger than expected rescue fund (‘XXL bailout package’) to be validated by the end of November at the latest. Same source notes that modifications to the Greek bailout and the program planned for Cyprus as well as a second Spanish request for aid could all be…

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Fiscal deficit of the Cyprus will reach around 4.5%

“According to the preliminary data for July, it seems that things are improving compared to the previous months”, the Government Spokesman Mr Stefanos Stefanou stated regarding public finances. Invited to explain a previous statement he made regarding the fiscal deficit, the Government Spokesman said: “without taking measures and based on the data for the first…

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Cyprus: Close to bailout

Cyprus is very close to receiving financial assistance to support its banking sector. The East Mediterranean country is the fifth member of Eurozone which asks external help, after Greece, Portugal, Ireland and Spain. Information indicate that the accession of Cyprus to the European Support Mechanism may happen during weekend, but the alternative is the Cyprus…

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