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IMF continues to work on Cyprus bailout deal

01 March, 2013

The International Monetary Fund (IMF) continues to work with the Cypriot authorities, the EU Commission and the ECB on Cyprus bailout deal, IMF`s Deputy Spokesperson William Murray said Thursday during a regular press conference.

Asked to comment on the results of the Cyprus presidential elections Murray replied: “I really don’t have anything new to offer on Cyprus. We continue to work with the Cypriot authorities, the EU Commission and the ECB. Technical discussions with the Cypriot authorities are continuing and that’s where things stand. I don’t have any elaboration on timelines at this time”.

Asked to say if there was any contact with the Cypriot authorities and new Cypriot president –elect, he said: “I don’t have any detail in terms of direct contacts with the Cypriots after the election”.

A source outside the IMF said later that no such contact took place while he declared ignorance on whether a new Troika visit to the island has been scheduled. He also implied that no movement is expected before the Eurogroup meeting on Monday.

Excluded from international capital markets, Cyprus requested financial assistance from the EU bailout mechanism after its two largest banks sought state aid following massive losses of their Greek bond holdings estimated at €4.5 billion, as a result of the Greek sovereign debt haircut.

The Cypriot authorities and the Troika have concluded into a draft memorandum containing the conditions of the financial assistance programme estimated at €17.5 billion.
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