Monday Jan 26, 2015 Search
Weather | Athens
15o C
9o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Cyprus foreign minister says only Luxembourg backed Nicosia in Eurogroup

Cypriot Foreign Minister Ioannis Kasoulides has admitted that Cyprus had not anticipated the Eurogroup’s demand that Nicosia impose a deposit tax and that Luxembourg was the only country to support the Cypriot position publicly.

“We were alone,” Kasoulides told Skai TV’s New Folders program. “That’s not to say Greece did not stand by us, as it always does, but we recognize its difficult position, as we recognize the difficult position of our Mediterranean partners. They told us behind the scenes they supported us but only Luxembourg spoke up in our favor during the Eurogroup and in general,” he added.

“France maintained silence. France’s problems might appear in the future and then it will need the help of its partners.”

Kasoulides said that Cyprus found itself in an extremely weak position at the first Eurogroup, on March 15, when the deposit tax was proposed and at the meeting of eurozone finance ministers on Sunda.

“It was clear that the directorate, in other words the European Central Bank, the International Monetary Fund and Germany wanted to impose the solution that was adopted in the end. Our position was weakened by the fact that apart from fiscal problems, we had a banking sector ready to collapse without the support of the European Central Bank,” he said.

“At the first Eurogroup, on March 15, our delegation was not prepared, or encountered something different to what it had been expecting. At the start of the evening, the European Commission was against a haircut on deposits but under pressure from the IMF and the threat that ELA funding for our banks would be stopped, the final proposal was formed.”

Kassoulides said the second Eurogroup agreement was only reached after the European Central Bank agreed to continue providing liquidity for a restructured Bank of Cyprus.

He also questioned the role Germany had taken in the negotiations.

“It’s clear that Germany wants to impose its views on the peoples of southern Europe, which need her at the moment. The toughest decision was that for Cyprus: it was a ruthless decision to wreck the country’s economic system, which will have huge and unpleasant consequences.”

Kasoulides added that the German opposition Social Democrats (SPD) had played a part by adopting a tough line on Cyprus in the country’s Parliament.

“They wanted to show the Germany taxpayers’ money would not be used to bailout Russian deposits, some of which they claimed was of dubious origin. This is where the game began.”

On Cyprus’s ties with Russia and a failure on Nicosia’s part to attract further investment from Moscow, Kasoulides said that Russia’s interests were in maintaining good relations with the European Union.

“This is their best market for natural gas exports and I don’t think they would risk this relationship for something that appears out of the blue,” he said.

“We want to maintain good relations with Russia but the usefulness of these relations passes through our ability to be a trustworthy member of the European Union.”

ekathimerini.com , Wednesday March 27, 2013 (13:39)  
Tsipras win draws French congratulations, German threat
What now for Greece after anti-bailout SYRIZA wins vote?
Tsipras forges anti-austerity coalition in challenge to EU
Finnish PM says ready to discuss bailout extension for Greece
IMF´s Lagarde rules out special treatment for Greece
Greece must respect the euro zone's rules and cannot demand special treatment for its debt in the wake of the victory of anti-austerity party Syriza, International Monetary Fund chief Christ...
Greek bank bonds slump after SYRIZA victory raises funding risk
Greek bank bonds slumped after the election of an anti-austerity party heightened investor concerns the nation is on a collision course with the European Union that could derail its bailout ...
Inside Business
SOCCER
Olympiakos overcomes depleted OFI at Iraklio
Easy though it may seem, Olympiakos’s 3-0 win at depleted OFI Crete was rather difficult on Saturday, but was enough to keep the Reds on top on Saturday, as they have maintained their two-po...
BASKETBALL
Tremendous Spanoulis sweeps Laboral Kutxa
A hot second half was enough for Olympiakos to undo visiting Laboral Kutxa and score its fourth win in as many games at the second round of the Euroleague on Friday. The 76-64 final score wa...
Inside Sports
COMMENTARY
SYRIZA´s win will test institutions
Greece was at an impasse, with a government that did not believe in what it was doing and an opposition that declared with passionate intensity that whatever the government did was wrong and...
COMMENTARY
The challenge for Tsipras and others
A few years ago, an associate of mine who had met with Alexis Tsipras when the young politician was running for Athens mayor told me how impressed he had been by his confidence. Tsipras was ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Tsipras win draws French congratulations, German threat
2. What now for Greece after anti-bailout SYRIZA wins vote?
3. IMF´s Lagarde rules out special treatment for Greece
4. Greek bank bonds slump after SYRIZA victory raises funding risk
5. Tsipras forges anti-austerity coalition in challenge to EU
6. Greek bonds slip on Syriza victory as ECB buying mutes contagion
more news
Today
This Week
1. SYRIZA heads for historic victory but without majority
2. Greek Elections 2015: The day after | LIVE
3. SYRIZA's win will test institutions
4. Finnish PM says ready to discuss bailout extension for Greece
5. ECB cannot agree to debt relief for Greece, board member says
6. Tsipras moves to form anti-austerity government after crushing victory
Today
This Week
1. Greek Elections 2015 | LIVE
2. Grexit the only way out of ‘valley of tears,’ says Hans-Werner Sinn
3. Greek Elections 2015 | LIVE
4. No debt writedown or rolling back of reforms for Greece, says Finland's Stubb
5. Greeks fork out nearly 5 pct of their incomes on telecom services
6. QE exclusion a ‘de facto Grexit’
Advertiser Link
SMART WATER Project: Outputs and conclusions of the final conference
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.