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Cyprus Seeks More Time to Meet Targets in Talks With Troika




Cyprus government officials will seek easier bailout terms in talks with representatives of the European Union and International Monetary Fund today, before a meeting of euro-area finance officials later this week. “

Final outstanding issues in talks with the troika primarily relate to the wider financial sector and fiscal policy and adjustment,” Christos Stylianides, the government’s spokesman, said in Nicosia yesterday. The government has been granted an extension to 2017 from 2016 to secure a primary budget surplus , which excludes interest payments, and it hopes to negotiate an additional year to 2018, he said. Cyprus’s government is seeking more time to reach targets required in return for 10 billion euros ($12.8 billion) in international funds after agreeing to impose losses on uninsured depositors at the country’s two biggest banks. Economists including Gabriel Sterne at Exotix Ltd. in London have said the government’s measures to secure the bailout will hurt the nation’s economy. The government can’t provide an estimate on the depth of the economic contraction right now, Stylianides said. The European Commission predicted before the bailout that the economy would shrink 3.5 percent this year. The latest version of Cyprus’s bailout agreement with the so-called troika of representatives from the EU, European Central Bank and IMF targets a primary deficit of 2.4 percent of gross domestic product this year and a primary surplus of 4 percent of GDP in 2017, Phileleftheros reported, citing a draft of the document. The draft accord includes 351 million euros, or 2.1 percent of […]


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