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Cyprus holds constructive talks with Troika

History

The Cypriot government held constructive talks with international creditors Thursday and is working to reach a bailout agreement as soon as possible, Finance Minister Michael Sarris said. “We are seeking ways to cut spending and raise revenue to ensure the sustainability of our debt,” Sarris told reporters in Nicosia after attending a meeting with President Nicos Anastasiades and officials from the European Commission, European Central Bank and International Monetary Fund, the so-called troika that oversees euro-area bailouts. Cyprus’s new government, voted in on Feb. 24, has revived talks on a bailout that could equal the size of its €18 billion ($23.6 billion) economy. Cyprus became the fifth euro-area country to seek financial assistance after its banks suffered losses of €4.5 billion in Greece’s sovereign debt restructuring.

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