NICOSIA Feb 27 Cyprus's outgoing finance
minister Vasos Shiarly said on Wednesday the government has
funds to cover its obligations until May as its eight-month wait
for an international bailout continues.
"Based on the data before us, fiscal issues can be managed
without a problem until May, because we always work three months
ahead," Shiarly told reporters after meeting Cyprus
President-elect Nicos Anastasiades and Michael Sarris, the
island's new finance minister.
Shiarly, who formally hands over to the new centre-right
government on Feb. 28, said that based on present circumstances
the state would not need to resort to additional borrowing for
another two months.
Cyprus has been holding inconclusive talks for a loan from
the International Monetary Fund and the European Union since an
EU-sanctioned debt writedown of Greek sovereign debt saddled
banks on the tiny Mediterranean state with losses equalling
about 25 percent of its gross domestic product.
A rapid deterioration of the island's economy since then
could see it receiving up to 17 billion euros in aid, almost
equal to its economic output.
Anastasiades has vowed to press ahead aggressively to clinch
a bailout deal.