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Euro zone urges Cyprus to propose how to reach bailout deal
March 21, 2013 / 8:26 PM / 5 years ago

Euro zone urges Cyprus to propose how to reach bailout deal

BRUSSELS, March 21 (Reuters) - Euro zone finance ministers urged Cyprus on Thursday to say how it could reach a deal with international lenders on a bailout that would save it from bankruptcy after the Cypriot parliament rejected the conditions of a euro zone bailout offer on Monday.

Since the terms were rejected, the ministers expected Cyprus to propose how it wanted to change the bailout, but the main parameters needed to stay the same, the chairman of the head of ministers Jeroen Dijsselblem said in a statement.

“The Eurogroup would subsequently, on the basis of a Troika analysis that needs to be undertaken, be prepared to continue negotiations on an adjustment programme, while respecting the parameters defined earlier by the Eurogroup,” he said after a teleconference of ministers. “The Eurogroup reaffirms the importance of fully guaranteeing deposits below 100,000 in the EU.”

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