4 March 2013
Eurogroup statement on Cyprus
The Eurogroup welcomed the new Cypriot Finance Mini
ster, Michalis Sarris, and the information he
provided on the situation in Cyprus following the p
residential elections and on the policy intentions
of the new government. The first exchanges with the
new Cypriot government have been useful.
Eurogroup is confident that a swift conclusion
of the negotiations towards a Memorandum of Underst
anding can be reached.
The Eurogroup welcomes the commitment of President
Anastasiades, reiterated by Minister Sarris,
to closely cooperate with Cyprus's European partner
s towards the earliest possible completion of the
loan agreement. For its part, the Eurogroup reitera
tes its readiness to assist Cyprus in its adjustmen
t
effort, including of its banking sector, in order t
o bring the economy to a sustainable growth path
with sound public finances and to safeguard financi
al stability.
The Eurogroup has been informed that the preparator
y work for concluding a Memorandum of
Understanding is advanced and that the new governme
nt has agreed on an independent evaluation
of the implementation of the anti-money laundering
framework in Cypriot financial institutions.
The Eurogroup called on the international instituti
ons and Cyprus to accelerate their work on the
building blocks of a programme, and agreed to targe
t political endorsement of the programme
around the second half of March.
The Eurogroup will reconvene again in the near term
in view of the progress of the discussions
between the Cypriot authorities and the internation
al institutions.
