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Georgiades wants bailout financing re-established

Finance Minister Harris Georgiades with the ESM's Klaus Regling in Nicosia on Tuesday

By Stelios Orphanides

Finance Minister Harris Georgiades said he intends to ask his colleagues at the next Eurogroup meeting to re-establish Cyprus’ bailout financing after it was suspended following the foreclosures limbo two months ago because the government will have to refinance debt maturing.

“Our budgetary planning is much more prudent than in the past and in to extent revenues are covering expenditure,” Georgiades told reporters in Nicosia on the sidelines of the Economist Conference.

“However there is also the issue of debt maturities and obviously we should be able to refinance debt maturities also. So it is not an issue of money running out imminently but an issue of re-establishment of a programme that will be important to our efforts to establish confidence and be able to finance our needs eventually from the markets”.

According to the Public Debt Management Office, Cyprus has more than €2 billion in maturing debt coming by November next year.

Georgiades said that Cyprus needed to firmly stay the reform course “because it is delivering, barely a year and a half in to the effort”.

“We are aware it is actually a difficult task but one that is bringing the Cypriot economy back to recovery,” Georgiades added.

The minister said that he was satisfied with the “responsible manner” in which political forces had behaved in “these difficult times”.

“It is inevitable that in the implementation of such an ambitious programme there will be an issue or two where there will be political disagreements,” Georgiades said.

“I hope, and I am confident, that we shall be able to manage these political disagreements responsibly and we shall be able to take final decisions working together in a manner that will avoid the creation of new deadlocks”.

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