NEWS

Finnish PM: important for IMF to play role in any Cyprus bailout

It is important for the International Monetary Fund (IMF) to play role in any Cyprus bailout, Finland’s Prime Minister said Thursday.

“We have to find a solution which makes it very clear that Cyprus will end up with debt sustainability and that we need the IMF there also,” Jyrki Katainen said ahead of a European Union summit in Brussels.

“It is very essential that IMF is part of the package because if they were not, the question is ‘why?’ The main issue is that the solution must be a kind which makes it very clear that Cyprus will end up with a debt-sustainable situation,” Katainen said.

Soaring unemployment and biting austerity will top the agenda at a summit of EU leaders starting on Thursday, with the social consequences of the region’s debt crisis now seen as the greatest threat to the survival of the single currency. [Reuters]