Cyprus Expects Troika Bailout Talks Next Week



Vassos Shiarly

Eurozone member Cyprus said Wednesday the troika of international lenders was expected on the island next week to discuss the terms of a bailout to save Greece-exposed banks and the economy.
Finance Minister Vassos Shiarly said intensive discussions could begin as early as next week with a view to sealing a deal to put to the Eurogroup on November 12.

Asked by reporters whether the negotiations could resume before the month’s end he replied: “Definitely within the coming week, because as you said time is limited as we are working to a tight schedule without room to manoeuvre.”
Shiarly was speaking after more talks with political parties to reach consensus on a package of countermeasures to the troika’s harsher terms for financial aid.

Last week, European Commission president Jose Manuel Barroso urged Cyprus political parties and unions to make the “huge effort” required to meet the austerity challenge needed to put the recession-hit economy back on track.
President Demetris Christofias is negotiating with party leaders and influential unions to aim for consensus on a counter-package of milder cuts than those demanded by the troika.
(source: eubusiness)