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Cyprus

President hopes to exit bailout programme by end of 2015

President Anastasiades with members of the Greek Cypriot Brotherhood

President of the Republic of Cyprus Nicos Anastasiades has expressed hope that Cyprus will be able to exit the bailout programme by the end of 2015.

Speaking at an event hosted in his honour in London by the Greek Cypriot Brotherhood, President Anastasiades also referred to the Cyprus problem, saying that it was necessary to enter a substantive dialogue in order to reach a settlement.

Referring to the economy, the President said that ‘if all goes as planned, I would like to say, without any exaggeration or unfounded optimism, that I hope that before the end of 2015 we will be in a position to exit the memorandum, to stand on our own feet, as long as we understand that the contribution of everyone in these crucial times is valuable’.

President Anastasiades also referred to the recapitalisation of the banks with foreign investments and the positive consecutive assessments by rating agencies.

Regarding the Cyprus issue, President Anastasiades said the Greek Cypriots are the victims of the 1974 Turkish invasion and continuing occupation of Cyprus’ northern part, adding that it was necessary to enter a substantive dialogue to solve the problem.

President Anastasiades also referred to the work of overseas Cypriots and congratulated the Greek Cypriot Brotherhood on the occasion of its 80th anniversary.

He also said he was touched by the Brotherhood`s gesture to proclaim him its patron, and assured that the government would always support the Cypriot community in the UK.

Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third. Talks are currently underway under UN auspices between the two sides, with an aim to reunify the country under a federal roof.

Cyprus agreed with its international lenders, collectively known as the Troika of the European Commission, the European Central Bank and the International Monetary Fund, a €10 billion bailout. So far the country has received five tranches amounting to €5.77 billion from the EU and the IMF. The sixth tranche amounts to €436 million (€350 million from the ESM and €86 million from the IMF).

CNA

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