Saturday October 25, 2014 Search
Weather | Athens
19o C
12o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Revision of Cypriot bailout terms not likely, eurozone officials

The eurozone does not intend to change the terms of Cyprus's bailout as requested by Cypriot President Nicos Anastasiades in a letter sent to eurozone leaders and its lenders, three senior eurozone officials said on Wednesday.

Cyprus secured 10 billion euros in emergency loans from the eurozone's bailout fund in April to avoid bankruptcy. The deal involved the closure of the island's second biggest bank, Laiki, and a fundamental restructuring of Bank of Cyprus.

In the letter, which Reuters reported on June 11, Anastasiades did not explicitly ask for more money but indicated that the Cypriot economy could not cope unless the terms of the rescue package are altered.

"It is my humble submission that the bail-in was implemented without careful preparation,» Anastasiades says in the letter, which the Financial Times and Wall Street Journal reported on Tuesday.

"The heavy burden placed on Cyprus by the restructuring of Greek debt was not taken into consideration when it was Cyprus's turn to seek help."

But EU officials said there was no intention to alter the terms of the loans agreed with Cyprus or to supply more funds. The sources suggested Anastasiades was aware no revision was likely, but wanted to send a message to a domestic audience.

Asked if the terms of the bailout could be changed, one senior EU policymaker said: «No, not as far as I can see."

Eurozone finance ministers will discuss the letter at a meeting in Luxembourg on Thursday.

A second official said: «There's no chance we'll revise the terms of the bailout, but we'll discuss it on Thursday."

A third confirmed no change was possible in the short-term, but said there could «potentially» be adjustments in the medium term, as was the case of Greece. However, that also depends on eurozone leaders, who will meet on June 27-28.

It is the second time Anastasiades has voiced dissatisfaction with the terms of the bailout, which his government negotiated only weeks after being elected.

In early April Anastasiades told reporters in Nicosia he would ask European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy for extra assistance given the bad economic situation of the island.

EU officials clarified later that the discussion concerned the early use of EU structural funds, money from the EU budget to help development in member states, allotted to Cyprus in the next 7-year budget to help boost growth.

[Reuters]

ekathimerini.com , Wednesday June 19, 2013 (11:41)  
TAIPED waits for green light from Eurostat
Trade deficit shrinks on big drop in imports
SMEs unable to claim subsidies
Taxes kept growing in second quarter
Athens, Nicosia satisfied by EU leaders´ stance toward Ankara
A reference in Friday’s European Council conclusions calling on Turkey to respect Cyprus’s sovereign rights left Athens and Nicosia content with the outcome of the European Union leaders’ su...
Suspended policeman chief suspect in cousin’s murder
A 27-year-old police officer who has been suspended from duty since 2013 for extortion, is being treated as the chief suspect in a murder committed in a suburb of Piraeus on Thursday. Police...
Inside News
BASKETBALL
A win is a win is a win for Olympiakos
A bad Olympiakos defeated a worse Laboral Kutxa 63-57 to make it two out of two in the Euroleague on Friday. In a game where the two teams had an overall field goal rate of about one in thre...
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
Inside Sports
COMMENTARY
Tension for tension’s sake?
It is evident that Turkish President Recep Tayyip Erdogan feeds off tension. He would barely have achieved as much as he has – and prevailed – if he had not been so keen to confront a series...
EDITORIAL
Testing ground
The Regional Authority of Attica is a good testing ground for politicians who appear to thrive on accusations to prove whether they can actually solve major problems of a practical nature. T...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. A win is a win is a win for Olympiakos
2. TAIPED waits for green light from Eurostat
3. Trade deficit shrinks on big drop in imports
4. SMEs unable to claim subsidies
5. Taxes kept growing in second quarter
6. Thessaloniki Port expects 2014 to be record year
more news
Today
This Week
1. Woman killed in tram accident in Floisvo, south of Athens
2. Clocks to go back 1 hour on Sunday
3. Venizelos slams Turkey for 'flagrant violation of international law' off Cyprus
4. ECB vies for third time lucky in European stress tests
5. ECB bank assessment to show 6-billion-euro capital gap, Citi says
6. Cyprus GDP upgrade seen as boosting bailout exit plans
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greece’s closed society is central to its current malaise
3. Greece must stick to reforms, says Schaeuble
4. At least 11 banks to fail European stress tests, three in Greece, report says
5. Cyprus to block Turkey's EU talks after EEZ violation
6. Samaras’s crumbling Greek exit lacks backing from economists
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.