Schulz appeals for more EU funds for Cyprus

European Parliament President Martin Schulz has asked European leaders to commit for more funds to be directed to Cyprus so that the island can face the crisis.

Schulz said he asked for a political commitment on the part of EU leaders speaking during a press conference after leaving the European Council, on Wednesday.
He also said that he had exchanged points of view on current European affairs and matters on the agenda of the Council.
Replying to a question as to how the extra funds can be allocated without affecting funding for other countries he said that it would not be necessary to use money allocated for other countries.

As he pointed out the aim is that European leaders should recognise that Cyprus is a country affected greatly and that it needs EU solidarity.
Once European leaders accept this, he added, it will be possible to find more money from EU funds without affecting another country.

It is possible to find the money and there is flexibility in this direction, he concluded.
Cyprus has agreed with international lenders on €10 billion rescue package, under which, it must close down the Popular Bank, and impose painful losses on deposits of more than €100,000 held at the Bank of Cyprus. Both institutions were heavily exposed to the Greek debt.