Greek FinMin, Yiannis Stornaras admitted in a television interview (www.skai.gr) that sealing an agreement with the troika by the end of January is rather challenging but suggested that Greece considers the delay favourable since it will be able to incorporate the positive December data. According to Kathimerini, the negotiations are likely to conclude in February…
The Eurogroup concluded yesterday that the necessary elements are in place for the approval of the next EFSF installment, which amounts to €7.5bn. The disbursement will take place in two sub-tranches: A first sub-tranche of €4.2bn will be approved by the EWG and the EFSF BoD in the following days, following the completion of the…
Touching individuals’ savings and businesses’ operational budgets is not right. It doesn’t matter if you choose to call it ‘haircut’, ‘theft’, ‘bullying’ or ‘terrorism’, though it is all of the above. EU citizens and EU bank account holders, wake up! They did it to us in Cyprus and they can do it to you! Let…
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…
Since the autumn of 2011, the possibility of assistance to Cyprus under a programme has been under discussion by the Cypriot authorities with the Commission. In July 2012, Cyprus formally asked for assistance under a programme. The need for assistance comes essentially from problems in the Cypriot banking sector which was unsustainably large for the…
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