25
March 2013
Eurogroup
Statement on Cyprus
The
Eurogroup has reached an agreement with the Cypriot
authorities on the key
elements necessary
for a future macroeconomic adjustment programme.
This agreement is supported by all euro
area Member States as well as
The Eurogroup fully supports the Cypriot people
in these difficult circumstances.
The
programme will address the exceptional challenges
that Cyprus is facing and
restore the viability of
the financial sector, with the view of restoring sustainable
growth and sound public finances over the
coming years.
The
Eurogroup welcomes the plans for restructuring the
financial sector as specified in the annex. These
measures will form the basis for restoring the
viability of the financial sector. In particular, they safeguard
all deposits below EUR 100.000 in accordance
with EU principles.
The
programme will contain a decisive approach to addressing
financial sector imbalances. There will be
an appropriate downsizing of the financial sector,
with the domestic banking sector reaching the EU
average by 2018. In addition, the Cypriot authorities
have reaffirmed their commitment to step up
efforts in the areas of fiscal consolidation, structural
reforms and privatisation.
The
Eurogroup welcomes the Terms of Reference for an
independent evaluation of the implementation
of the anti-money laundering framework
in Cypriot financial institutions, involving Moneyval
alongside a private international audit firm,
and is reassured that the launch of the audit is imminent.
In the event of problems in the implementation
of the framework, problems will be corrected
as part of the programme conditionality.
The
Eurogroup further welcomes the Cypriot authorities'
commitment to take further measures.These
measures include the increase of the withholding
tax on capital income and of the statutory corporate
income tax rate. The Eurogroup looks forward
to an agreement between Cyprus and the Russian
Federation on a financial contribution.
The
Eurogroup urges the immediate implementation of the
agreement between Cyprus and Greece on
the Greek branches of the Cypriot banks, which protects
the stability of both the Greek and Cypriot
banking systems.
The
Eurogroup requests the Cypriot authorities and the
Commission, in liaison with the ECB, and the IMF
to finalise the MoU at staff level in early April.
The
Eurogroup notes the intention of the Cypriot authorities
to compensate potential individual victims
of fraudulent practices, in line with established
legal and judicial procedures, outside the programme.
The
Eurogroup takes note of the authorities' decision
to introduce administrative measures, appropriate
in view of the present unique and exceptional
situation of Cyprus' financial sector and to allow
for a swift reopening of the banks.
The Eurogroup
stresses that these administrative measures will
be temporary, proportionate and non-discrimin tory, and subject to
strict monitoring in terms of scope and duration in
line with the Treaty.
Against this background,
the Eurogroup reconfirms, as stated already on 16
March, that – in principle - financial assistance
to Cyprus is warranted to safeguard financial
stability in Cyprus and the euro area as a whole by
providing financial assistance for an amount of up to
EUR 10bn.
The Eurogroup would welcome a
contribution by the IMF to the financing of the programme.
Together with the decisions taken by
Cyprus, this results in a fully financed programme which
will allow Cyprus’ public debt to remain on a
sustainable path.
The Eurogroup expects
that the ESM Board of Governors will be in a position
to formally approve the proposal for a financial
assistance facility agreement by the third week of
April 2013 subject to the completion of national procedures.
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Δημοσιεύτηκε στις 25/03/2013
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