Finance Committee of German Bundestag to visit Cyprus

A delegation of the Finance Committee of the German Bundestag is going to visit Cyprus in April, following the visit of the Committee of Economics and Technology from 6-8 March and its meetings with the House President and the Finance Minister.

According to CNA sources, the visit is scheduled between 10 – 12 April. On the 11th, the German MPs are going to hold contacts with the Central Bank Governor Panikos Demetriades and other officials.

The delegation is paying Cyprus a working visit in the light of the Troika consultations on Cyprus` bailout agreement which is going to be put before the German parliament for approval.

Yesterday, the Head of the Committee for Economics and Technology of the German Bundestag Wolfgang Tiefensee, who met with Finance Minister Michalis Sarris, noted that Germany fully comprehends the people of Cyprus’ will to support the country to stay in the Eurozone. He said that issues related to the transparency of the tax system and the corporate tax in Cyprus could be on the agenda of the Troika consultations. T

Excluded from international capital markets, Cyprus has 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.

A Troika delegation is currently in Cyprus for further negotiations with the government.

Nicosia rejects allegations that Cypriot banks engage in money-laundering activities. The government has repeatedly said that it has “nothing to hide”, ahead of an independent evaluation concerning the implementation of Cyprus’ anti-money laundering legislation, decided at a recent Eurogroup meeting. The evaluation will be carried out with the Council of Europe’s Moneyval involvement, under the supervision of the Central Bank of Cyprus.
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