CYPRUS Government – Troika reach agreement

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Cyprus Government negotiations with Troika (EC, ECB, IMF) for a rescue package were concluded at about 20.00 on Thursday, CNA sources say.
Central Bank Governor Panicos Demetriades and Senior Central Bank official Spyros Stavrinakis are said to have played a catalytic role in order for the agreement to be reached, the same sources say.

The Government of the Republic of Cyprus informed on the 25th of June 2012 the appropriate European Authorities of its decision to submit to euro area Member States a request of financial assistance from the EFSF/ESM.
The purpose of the required assistance is to contain the risks to the Cypriot economy, notably those arising from the negative spill over effects through its financial sector, due to its large exposure in the Greek economy.