Cypriot proposal to creditors nearly complete

Cyprus?s draft counterproposal to international lenders on the terms of a bailout is ?essentially complete,? said Christos Christofides, a government spokesman, on Monday. On June 25 Cyprus became the fifth country in the euro area to seek external aid.

Eurozone finance ministers agreed to begin talks two days later. No amount was specified for the rescue, which will encompass the public sector as well as banks.

The counterproposal ?will be discussed with political parties and our social partners and will be presented to the troika,? Christofides told reporters in the capital, Nicosia.

?Our aim is to form a unified front behind joint positions,? Christofides said. ?We have a difficult battle ahead? to obtain funding and pull Cyprus out of its economic and financial crisis, he said.

The consultations will begin after President Dimitris Christofias returns from New York on Friday.

Politis newspaper reported this week that troika officials will not return to Cyprus until they receive ?realistic counterproposals? from the government. [Bloomberg]

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