And officially Cyprus outside the Memorandum, with the "voula" of the Eurogroup

CEB1 56 News, Europe
Tonight's Eurogroup session ended shortly after 19:00, it was "the last memorandum Eurogroup for Cyprus", announced via his Twitter account, the President of the Republic, Nikos Anastasiadis, who participates in the work of the EU Summit- Turkey in Brussels. At the same time, the head of the Eurozone Council of Finance Ministers, Geroun Deiselblum, speaks of a "success story", officially announcing the withdrawal of Cyprus from the Memorandum.

CEB1 1537 News, Europe

The congratulations of the Eurogroup were received by the Minister of Finance, Haris Georgiadis and the Cypriot economy for the exit from the economic adjustment program.

According to Eurogroup President Geroun Deiselblum, Cyprus can now finance itself and is back on a competitive trajectory.

"It was the last Eurogroup before the end of the month," explained Pierre Moscovici, the Committee on Economic and Monetary Affairs. "We must congratulate Cyprus." concluded.

Warm congratulations to the people of Cyprus for their achievements and the impressive recovery of the economy in the three years of the adjustment program, expresses kai the executive director of the IMF, Christine Lagarde, in a written announcement.

Earlier, the Minister of Finance, Haris Georgiadis, who participated in the Eurogroup meeting in Brussels, had announced via Twitter that Cyprus is "out of the Memorandum".

Tonight, Cyprus actually received the green light from the Eurogroup to exit the memorandum program, although officially this will happen on March 31st.

On his part, G. Dasselblum stated: "Congratulations to Cyprus. Financial aid ends, back to sustainable development. Success Story with a strong and determined government ".

In his own post on Twitter, Mr. Georgiadis states the following:

Praise from Eurogroup for Cyprus

The Eurogroup supports the decision of the Cypriot government to withdraw from the adjustment program, without seeking a successive settlement, the Eurogroup said in a written statement after the meeting of the Eurozone Finance Ministers in Brussels.

"The Eurogroup congratulates the Cypriot authorities," the statement said, "for the overall successful implementation of the program and the significant achievements of the last three years, while thanking the institutions for their vital assistance to this end."

At the same time, the Eurogroup "welcomes the fact that economic activity has continued its upward trajectory and the banking system has further consolidated" and continues:

"The commitment of the authorities and the Cypriot people to the whole program arrangement has been crucial for the fiscal performance and has exceeded expectations. "These positive developments have been crucial for restoring investor confidence in the Cypriot economy, with government bonds returning to international markets."

In relation to the Cypriot banking system, he states that in particular "it has undergone a long transformation" and that "the ground covered since March 2013 was extremely important and the reforms that have been implemented or are about to be implemented are essential for the restoration of the Cypriot economic system in terms of sustainability ".

"However, work must continue with determination," the Eurogroup said, "to ensure that the percentage of non-performing loans is reduced to healthier levels."

He clarified: "This includes strict measures and immediate implementation of the legal framework for bankruptcy and foreclosures adopted in 2015, together with further measures including legislation on the sale of assets and the effective use of the full range of available non-service management tools." of loans ".

"At the same time, the eurogroup notes that the last action of the current evaluation has not been completed."

"The privatization of the Cyprus Telecommunications Authority will be another step towards development. "Along with public administration reform and other structural reforms discussed during the program, this will solidify improvements in public finances and support the level of economic growth."

They note that "in total 30% of the 9 billion program remains unused" and note that "the IMF program is expected to be completed today, March 7".

"In this context, the Eurogroup welcomes the renewed commitment of the Cypriot authorities to maintain the consolidation of public finances and the reform momentum in the medium term, in order to address the underlying weaknesses."

"The Eurogroup will continue to support the reform effort in Cyprus, including in the context of post-program surveillance and the regular monitoring framework in the Eurozone and the EU," the statement concluded.

Source: philenews / KYPE