ECONOMY

Nicosia says some bailout provisions need tweaking

Cyprus said on Tuesday it was not trying to wriggle out of terms of an EU-IMF bailout imposed on the island, but added that some provisions of the deal needed tweaking to address problems in its battered banking sector.

“Every effort will be applied so our positions are met with understanding by our partners… We are not seeking renegotiation but an adjustment of certain measures,” Cyprus President Nicos Anastasiades told reporters.

The eurozone island nation was forced to shut one bank and seize deposits in a second to qualify for 10 billion euros in aid from the International Monetary Fund, European Central Bank and European Union in a bailout in March.

Anastasiades, who has criticized the bailout as being ill-conceived, said he would use an EU leaders’ meeting this week to voice his concerns.

He did not go into specifics but said what he would seek was related to solving problems in the island’s banking sector.

Anastasiades said he would also try to meet with ECB President Mario Draghi.

[Reuters]