New Finance Minister Georgiades says Cyprus will “find its way back”

Addressing the ceremony, Georgiades said that Cyprus will find its way back and will remain a member of the European family, without having to depend on anyone very soon.

He added that the country is faced with a particularly difficult period and added that “we have been shaken, but we remain upright”. It depends on us to succeed, the new Finance Minister noted.

He thanked his predecessor for his important job at the Ministry, noting that during his brief stay – a little over a month – the Memorandum of Understanding with the Troika was concluded and “Cyprus avoided the worst”.

Sarris, said, while taking the floor, said that the conclusion of the Memorandum “opens a new page” for Cyprus and added that “it is up to us to implement the agreement”. Concluding his speech, he said that “we must contemplate the future with optimism”.

The government concluded on Tuesday a deal with the Troika (European Commission, ECB, IMF) for financial assistance. This needs to be ratified next by national parliaments and the Eurogroup. The interest rate for the 10 bln euros loan is approximately 2.5% and is repayable over a 12 year period after a grace period of a decade.

Earlier this month, the Eurogroup reached an agreement with the Cypriot authorities on the key elements necessary for the macroeconomic adjustment programme.

The island’s second largest bank, Laiki splits into a "good" and a "bad" bank. The bank`s "good" assets are being transferred to Bank of Cyprus, where a massive haircut is being imposed on uninsured deposits of more than 100,000 euros.