Changes to the terms of bail-out loans for Ireland and Portugal also on the agenda.
Eurozone finance ministers tonight (4 March) discussed a bail-out for Cyprus but have not yet come to agreement on the precise terms of a financial rescue.Jeroen Dijsselbloem, the finance minister of the Netherlands, who chaired tonight's meeting in Brussels, said he hoped that the issue would be resolved ?swiftly?. He said that finance ministers would meet again ?in the near term? so that the bail-out could be finalised in the second half of this month.
Work on financial assistance from the eurozone's rescue fund, expected to be ?17.5 billion, had been on hold pending the outcome of presidential elections in Cyprus. However, with the election of Nicos Anastasiades last week, finance ministers feel ready to complete their work.
Olli Rehn, the European commissioner for economic affairs and the euro, who also attended tonight's meeting, said that the agreement would take into account the outcome of an independent audit of Cyprus's implementation of anti-money laundering measures, which the new Cypriot government approved tonight.
Rehn said that the rescue package would help ?steer Cyprus through the difficult adjustment it is now undergoing?.
Finance ministers also discussed whether to ease the terms on bail-out loans given to Ireland and Portugal. A final decision will be taken tomorrow (5 March) when all 27 European Union finance ministers meet.
Dijsselbloem said that the discussions were aimed at ?how best to support? the efforts of Portugal and Ireland. Rehn said that an extension of loan maturities would ?give a strong message of confidence? about the way that Irish and Portuguese authorities were implementing economic and financial reforms.?
Finance ministers continued to discuss the way that the eurozone's rescue fund, the European Stability Mechanism (ESM), will be able to directly recapitalise banks.
Dijsselbloem said that finance ministers did not talk about the situation in Italy after last week's election. Earlier today Latvia formally submitted a bid to join the euro. Rehn said that finance ministers would address the issue before the summer.?
? 2013 European Voice. All rights reserved.
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