Cyprus approaches Eurogroup for aid
Cyprus has approached the eurozone countries for aid from the European Financial Stability Facility/European Stability Mechanism to contain risks within its economy.
The eurozone member believes it is at risk from its financial sector’s exposure to the embattled Greek economy, as reflected by the recent ratings action by Fitch Ratings.
Jean-Claude Juncker, president of the Eurogroup, the group of eurozone countries, welcomed the approach by Cyprus.
He says: “The Eurogroup will now swiftly examine the request and will provide a formal response to Cyprus. The Eurogroup is also expected to give a mandate to the [European] Commission, in liaison with the European Central Bank, to negotiate the necessary policy conditionality, which shall accompany the financial assistance.
“This will include measures that will address the main challenges of the Cyprus economy, primarily those of the financial secto rand I expect that Cyprus will engage with strong determination the required policy actions.”
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