Cyprus Mail
Cyprus Talks

Negotiators’ talks turn to the economy

Greek Cypriot negotiator Andreas Mavroyiannis (L) and his Turkish Cypriot counterpart Ozdil Nami (right) with Turkish Cypriot leader Mustafa Akinci (M) and Ozdil Nami in Geneva

THE two chief negotiators, Andreas Mavroyiannis and Ozdil Nami, are in London to attend a seminar on the economic aspect of a settlement solution, it was reported on Friday.

According to state broadcaster CyBC, at the seminar, the two negotiators will discuss financial opportunities and the prospect of a settlement solution, and ways of funding the settlement.

Already, the European Commission and other international bodies, such as the IMF and the World Bank, are exploring how to fund a solution and have participated as observers in the recent talks in Switzerland.

In December, Finance minister Harris Georgiades had said that although there will be many economic benefits from a Cyprus settlement, potential risks must be avoided by bringing financial structures and procedures into line with EU norms.

“Structures and procedures in the financial sector need to be right, effective and fully in line with what is applicable in the EU and the Eurozone, in order to avoid risks,” he had said.

He said assessments by IMF and the World Bank of the banks in the north still had some way to go.

Georgiades emphasised the cost of no solution with the continuous occupation of half the country, the presence of Turkish occupation troops and the deprivation of people’s access to their properties.

He said a solution would bring with it benefits on a national level and open up financial opportunities and investment.

 

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