Cyprus & World News

Cyprus President to discuss financial issues with Mario Draghi

16 July, 2014

Cyprus President Nicos Anastasiades will discuss on Wednesday issues concerning the Cypriot financial sector with the President of the European Central Bank Mario Draghi in Frankfurt.

The President will be accompanied by the Under Secretary to the President Constantinos Petrides, the Minister of Finance Harris Georgiades and the Governor of the Central Bank Chrystalla Georghadji.

Asked on Tuesday about the expectations from the meeting, President Anastasiadis refrained from revealing anything of substance about his discussions in Frankfurt, saying public statements on the matter would not serve the interests of the country.

He added however that talks will revolve around the financial system and issues under the competence of the European Central Bank.

Cyprus has been in recession since Q2 2011. Faced with the collapse of its banking sector, Cyprus and the Troika agreed in March 2013 on a €10 billion bailout that featured an unprecedented haircut on deposits over €100,000, coupled with strict capital controls that hampered economic activity. So far Cyprus has had four positive programme reviews and restrictions on transactions have been gradually eased.

On Wednesday evening, the President will attend in Brussels the European Council, where the European heads of governments will exchange views with the new President of European Commission Jean-Claude Juncker.

The European Council will discuss the appointments of the new President of the European Council, and the new High Representative of the Union for Foreign Affairs and Security Policy.
On 17 July, in the morning, the President is expected to have a meeting with Juncker.