Vladimír Urbánek (Kurzy.cz)
Markets  |  April 02, 2013 12:13:45

Cyprus wants to negotiate milder conditions to survive, it needs more time to achieve the objectives


According to a spokesman with the Cyprus Government seeks negotiations with the Troika (European Commission, IMF, ECB) to negotiate milder terms emergency financial assistance to the island part of the euro. The Cypriot government is trying mainly to extend the deadline for managing the main goal of the government budget. It should be according to Troika proposals already in surplus in 2017. The Cypriot government seeks to delay the requirement until 2018.
Existing conditions allow for the public finance deficit this year of 2.4% of GDP and a surplus of 4% of GDP in 2017.

A spokesman also said that the government is not able to accurately estimate the economic development of the country. Commission for this year expected to decline Cypriot economy at 3.5%, the market speculation, however up to double-digit decline.
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