Arab Today, arab today eurogroup calls for swift agreement on cyprus
Last Updated : GMT 16:21:15
Arab Today, arab today
Arab Today, arab today

Eurogroup calls for swift agreement on Cyprus

Arab Today, arab today

Arab Today, arab today Eurogroup calls for swift agreement on Cyprus

Luxembourg - AFP

Eurogroup chairman Jean-Claude Juncker on Monday called for a swift agreement on a bailout of Cyprus as credit rating agency Moody\'s cut the island-nation\'s debt ratings. \"We discussed the situation of the economy on the island and the request for financial assistance\" dating back to June, Juncker said at the close of talks between the finance ministers of the 17 states that share the euro. \"We unanimously felt that there is a need to accelerate work,\" he added at a news conference. The statements came as Moody\'s chopped Cyprus\'s sovereign rating by three notches to B3, deep in junk bond territory, citing the impact of the meltdown in the country\'s banks following Greece\'s financial crisis. In Nicosia earlier, European Commission president Jose Manuel Barroso issued a similar message. \"I hope we can move rapidly to reach an agreement on the measures to be taken to guarantee a long-term sustainability of the Cypriot economy,\" Barroso told reporters. \"I believe it is critically important now to come to some level of consensus.\" President Demetris Christofias is in negotiation with political party leaders and trade unions to agree a counter package of milder cuts than those demanded by the troika of international lenders -- the European Commission, the European Central Bank and the International Monetary Fund. In a document leaked to the media, the government appears to be proposing to raise revenue through more taxation and less cutbacks over a longer period than proposed by the troika of lenders in EU bailout negotiations. It hopes to cut the debt gap by slightly more than one billion euros ($1.28 billion) by the end of 2016 rather than the 975 million euros in mostly public finance cuts the troika seeks by 2015. Final negotiations with international lenders have stalled while Brussels awaits proposals from Nicosia as Christofias has said he will not sign a bailout deal that includes the scrapping of a 13th month in salaries, index-linked wage adjustments and privatising semi-government utilities. Government spokesman Stefanos Stefanou said last week that Nicosia\'s target is to have a memorandum signed with the troika before the eurogroup meeting on November 12 in Brussels. But the Russian-educated communist leader Christofias is determined that Cyprus will not suffer the same \"fatal neo-liberalism\" that was imposed on Greece. Troika representatives have visited Cyprus twice since June, when the country called for help after both the Bank of Cyprus and Cyprus Popular Bank said they could not raise funds to meet recapitalisation requirements. The troika reportedly wants to slash the Cypriot state payroll by 15 percent, shave 10 percent off welfare benefits, scrap the inflation-linked, cost-of-living allowance and roll back government-subsidised housing finance.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eurogroup calls for swift agreement on cyprus Arab Today, arab today eurogroup calls for swift agreement on cyprus

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 06:10 2017 Monday ,20 February

Tourism shows signs of recovery in Egypt

GMT 05:45 2017 Monday ,20 February

Brexit U-turn ruled out by many in EU

GMT 16:23 2017 Sunday ,19 February

Global energy news

GMT 16:05 2017 Sunday ,19 February

Trudeau calls for wider social benefit from economy

GMT 05:57 2017 Sunday ,19 February

How do you say déjà vu in Greek?
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday