CRISIS CHIPRE
La eurozona validará la próxima semana las condiciones del rescate a Chipre
EFE Economía Bruselas 3 ABR 2013 - 15:17 CET
CYPRUS CRISIS
The next week will validate eurozone bailout conditions to Cyprus
Economy Brussels EFE 3 ABR 2013 - 15:17 CET
The next week will validate eurozone bailout conditions to Cyprus
Economy Brussels EFE 3 ABR 2013 - 15:17 CET
Finance ministers of the euro zone next week politically validate the conditions that Cyprus has closed with the troika to her rescue in order to complete the approval process before the end of the month and disburse the first tranche in May.
"The memorandum of understanding (which includes rescue conditions) will be submitted next week to the Eurogroup to take place in Dublin for validation and legal policy to be an informal meeting," said EU spokesman Olivier today Bailly on the wheel daily news from the European Commission (EC).
From this moment, the Seventeen have until the end of the month to give its final opinion on the agreement reached at the technical level with the troika, the EC, the International Monetary Fund (IMF) and the European Central Bank (ECB) - said .
"We hope to conclude the different steps of validation by the Cypriot authorities and the eurozone by the end of April, which would allow us then, parallel to the IMF agreement (to contribute to 1,000 million euros to the rescue), have during May the first disbursement of a tranche of financial assistance "from Europe, said Bailly.
The contribution of the IMF, which in other rescues used to be one third of total aid and this time is a tenth, shall be subject to the approval of the executive council of the international monetary institution in early May.
Asked about the contribution of only 10% of the IMF to the rescue of Cyprus, Bailly wanted to make clear that the amount set is derived from an agreement "unanimous" in the troika and that "we must not draw any conclusions about this particular policy percentage "at information that speak of a division within the triad, especially between the EC and the Washington-based institution.
Regarding the content of the memorandum, the spokesman would not reveal the details of the document, but called it "a good compromise" as facing three major problems of the Cypriot economy: bank themselves, the sector size compared to the Gross Domestic Product (GDP) and the nature and practices several credit institutions, he said.
The first part of the memorandum specifically covers banking measures to make the industry viable in the future, another important element focuses on public finances and the third pillar is to relaunch growth through structural reforms to boost competitiveness, the spokesman said.
"All these measures create some pressure on the economy and society.'re Tough measures and the EC wants to offset the effects they might have on a social level" by the working group set up to help boost economic activities and employment, Bailly said.
He added that there will be a list of technical requirements to evaluate Cypriot administration assistance and designation of structural funds to different programs.
The spokesman stressed that in any case, the memorandum "must be seen in conjunction with the risks that exist in a general bankruptcy in the country" that was to be avoided with the rescue.
"We hope that the memorandum will allow us to avoid the worst case scenario," confided the spokesman, who recalled that the EC also closely monitors restrictions on capital movements in Cyprus but currently has not seen any major problems that may block daily functioning of the economy.
Among other things, the MOU establishes a loan repayment period of 10,000 million euros, 22, to start paying in ten, and an interest of between 2.5% and 2.7%.
Cyprus must obtain in 2017 a primary surplus (before interest payments) of 4% and timing of privatization of public enterprises and parastatal will run until 2018, while officials should lay off 4,500 by the end of 2016.
"The memorandum of understanding (which includes rescue conditions) will be submitted next week to the Eurogroup to take place in Dublin for validation and legal policy to be an informal meeting," said EU spokesman Olivier today Bailly on the wheel daily news from the European Commission (EC).
From this moment, the Seventeen have until the end of the month to give its final opinion on the agreement reached at the technical level with the troika, the EC, the International Monetary Fund (IMF) and the European Central Bank (ECB) - said .
"We hope to conclude the different steps of validation by the Cypriot authorities and the eurozone by the end of April, which would allow us then, parallel to the IMF agreement (to contribute to 1,000 million euros to the rescue), have during May the first disbursement of a tranche of financial assistance "from Europe, said Bailly.
The contribution of the IMF, which in other rescues used to be one third of total aid and this time is a tenth, shall be subject to the approval of the executive council of the international monetary institution in early May.
Asked about the contribution of only 10% of the IMF to the rescue of Cyprus, Bailly wanted to make clear that the amount set is derived from an agreement "unanimous" in the troika and that "we must not draw any conclusions about this particular policy percentage "at information that speak of a division within the triad, especially between the EC and the Washington-based institution.
Regarding the content of the memorandum, the spokesman would not reveal the details of the document, but called it "a good compromise" as facing three major problems of the Cypriot economy: bank themselves, the sector size compared to the Gross Domestic Product (GDP) and the nature and practices several credit institutions, he said.
The first part of the memorandum specifically covers banking measures to make the industry viable in the future, another important element focuses on public finances and the third pillar is to relaunch growth through structural reforms to boost competitiveness, the spokesman said.
"All these measures create some pressure on the economy and society.'re Tough measures and the EC wants to offset the effects they might have on a social level" by the working group set up to help boost economic activities and employment, Bailly said.
He added that there will be a list of technical requirements to evaluate Cypriot administration assistance and designation of structural funds to different programs.
The spokesman stressed that in any case, the memorandum "must be seen in conjunction with the risks that exist in a general bankruptcy in the country" that was to be avoided with the rescue.
"We hope that the memorandum will allow us to avoid the worst case scenario," confided the spokesman, who recalled that the EC also closely monitors restrictions on capital movements in Cyprus but currently has not seen any major problems that may block daily functioning of the economy.
Among other things, the MOU establishes a loan repayment period of 10,000 million euros, 22, to start paying in ten, and an interest of between 2.5% and 2.7%.
Cyprus must obtain in 2017 a primary surplus (before interest payments) of 4% and timing of privatization of public enterprises and parastatal will run until 2018, while officials should lay off 4,500 by the end of 2016.
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