EUROZONE: CYPRUS, “UNFAIR” VICTIM OF THE GREEK CRISIS?

The

Monde.fr with AFP | • Updated

            

Finance Minister of Cyprus, Vassos Shiarly, pronounced a nation had
Cypriot Finance Minister, Vassos Shiarly, pronounced a nation had “paid a complicated price” in a erasure of 107 billion euros of debt of Greece. | AP / Yves Logghe

couple of days after claiming monetary benefit from a EU as well as a International Monetary Fund (IMF), Finance Minister of Cyprus, Vassos Shiarly, pronounced a nation had “paid a complicated price” in a erasure of 107 billion euros of debt of Greece.

says Shiarly, Cyprus mislaid 4.2 billion euros, representing 24% of a GDP, Cypriot banks land vast holds of Greek emperor bonds. “It’s not usually carrying to bear it” , he added. “It was a European complaint (…). you consider you should share those waste equally.”

Cyprus representing 0.2% of a euro area economy, a nation should have mislaid usually 200 million euros, “an considerate amount” , pronounced a minister, who voiced which it would substantially lift this emanate during a negotiations upon assist with a EU as well as a IMF.

RUSSIAN LOAN CONDITIONS “MORE FAVORABLE”

Mr.

Shiarly has refused to put a figure upon European assist sought by Cyprus as inspectors from a European Commission, a European Central Bank as well as a IMF would not have finished their assessment.

Moscow, however, reliable Friday which Cyprus had requested a loan of 5 billion euros, as well as which a focus was for a time being considered. “The conditions offering by Russia have been some-more favorable” , since Moscow, distinct a EU as well as IMF, “poses no condition” as well as simply proposes’ em > “interest rates low” , pronounced this week Cyprus President Demetris Christofias.

Moreover, Mr. Shiarly swept Friday’s concerns about a taxation rate to 10% for firms which Troika could ask an enlarge in sell for a loan. “I am assured which such mandate or conditions will not be done or laid” , he said, recalling which Ireland, a single of 5 countries which have requested benefit to EU, had confirmed a taxation rate for companies to 12.5%.

Read: “To revoke a debt, Cyprus looks to Russia, to a fear of Europeans”