ECONOMY

Cypriot minister pushes for completion of memorandum

Cypriot Labor Minister Haris Georgiadis said on Friday that a draft bailout agreement between Nicosia and troika officials must be ready to present to a eurozone officials working group on April 4.

Submitting the plan to the working group will launch the process of its approval by member states of the eurozone, Georgiadis said, noting that several Parliaments will be called upon to ratify the agreement.

Georgiadis stressed the importance of Nicosia securing its first tranche of rescue funding without delay in view of the worsening economic situation in Cyprus.