Euro Crisis

Cypriot Government Says EU Will Help Rebuild Economy

Away we go

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The financial assistance programme for Cyprus agreed by the eurogroup means the European Union can now work, starting today, to help the Cypriot people to rebuild their economy,. Economic and Monetary Affairs Commissioner said early on Monday.

"The agreement was based on a joint proposal of the three institutions, the Commission, the ECB and the IMF, " he said after the conclusion of the eurogroup meeting early this morning. The Commission has been working hard for many months to facilitate a sustainable solution to help Cyprus, he said recalling that he raised the issue of a financial assistance programme for the first time in November 2011 with the then finance minister of Cyprus, because of the concerns over fiscal sustainability and financial stability.