ECONOMY

Nicosia to face pressure to ease capital controls

Cyprus will face pressure from euro-area finance chiefs next week to ease capital controls imposed as part of its bailout program, Maltese Finance Minister Edward Scicluna said.

“I expect some pressure for easing of capital controls, because it’s becoming increasingly embarrassing for the EU because of its contradictory nature to the union,” Scicluna said late on Thursday in an interview in Valletta.

Euro-area finance ministers will take stock of the situation in Cyprus when they convene on Monday in Brussels, a European Union official said this week. Nicosia should receive its first 3-billion-euro aid payment the same day, the official said.

[Bloomberg]