Cyprus tables bailout mechanism bill

The Cypriot government has tabled in the country?s parliament a bill about its prospective entry to the European support mechanism. The bill is to be examined first by the parliament?s Financial Committee.

A Cypriot Foreign Ministry official said that the government?s aim is to have the bill voted by Wednesday, May 30.

On Friday Finance Minister Vassos Shiarly stated that Cyprus could resort to the mechanism, but if the right measures are taken the island could escape the painful conditions that came with it in other countries, such as Greece.

The head of the Cypriot Parliament?s Foreign and European Affairs Committee, Averof Neofytou, said that the House will have to ratify the amendment to the article of the Lisbon Treaty on the support mechanism as soon as possible, ?because if Cyprus needs it, it would not be able to knock on the mechanism?s door unless it has ratified it first.?