ECONOMY

Anastasiades optimistic on first Cyprus bailout review

Cyprus President Nicos Anastasiades says he is “cautiously optimistic” international creditors will certify that the country is living up to the terms of its multibillion euro bailout deal.

Officials from the European Commission, the European Central Bank and the International Monetary Fund are currently wrapping up their first assessment after Cyprus agreed in March on a 23-billion-euro financial rescue package.

The deal forced losses on large depositors in the country’s two biggest lenders and saw restrictions on money transfers and withdrawals put in place to head off a bank run.

Anastasiades was speaking on Friday after unveiling a scheme designed to ensure a “guaranteed minimum income” for low-wage earners and the jobless that won’t drain state coffers.

It comes into force in June next year.

[AP]