EC receives Governments counterproposals to the Troika

The European Commission (EC) has received Cyprus government’s counter-proposals to the Troika’s package of austerity measures put forward as part of the island’s bailout programme, the EC’s Economic and Monetary Affairs spokesperson Simon O`Connor has told CNA.

Asked when the Troika would return to Cyprus for the final phase of negotiations with the government on Cyprus’ EU bailout package, Simon O`Connor replied, “We received the new proposals from the Cypriot authorities. We will examine them in detail".
He also said that the Commission was not yet ready to announce the date for Troika’s arrival to Cyprus, adding that it will announce the date as soon as this becomes feasible.
Asked when would this become feasible, he replied, "I will be happy to announce the date when we will be ready."

The government sent its counterproposals to the troika on Monday evening, following the conclusion of lengthy rounds of talks with political parties, social partners and the Governor of the Central Bank of Cyprus.
Government Spokesman Stefanos Stefanou said that there is adequate time to conclude the negotiations and finalise the memorandum until the Eurogroup meeting on November 12, noting that the government needs the support of all political parties and social partners to secure the best measures for the people of Cyprus.

Cyprus applied for financial assistance from the EU bailout mechanism (EFSF/ESM) to recapitilise its banking sector whose liquidity has been depleted as a result of the Greek sovereign debt haircut as well as to cover its fiscal needs.