Current situation in Cyprus:

Type: News   Reference: 93332   Duration: 00:03:57  Lieu: Strasbourg, France - European Parliament
End production: 17/04/2013   First transmission: 17/04/2013
- extract from Council and Commission statements Background: Last Friday the Eurogroup welcomed the staff-level agreement that was reached between Cyprus and the Troika institutions on the policy conditionality underlying the macroeconomic adjustment programme. The Eurogroup considered that the necessary elements are now in place to launch the relevant national procedures required for the formal approval of the ESM financial assistance facility agreement for an amount of up to EUR 10 bn, subject to IMF’s contribution. The IMF’s Board is expected to consider in early May Cyprus’ request for a 3-year Extended Fund Facility of an amount of about EUR 1 bn. The ESM amount would then consequently be up to EUR 9 bn. 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 24 April 2013, subject to completion of national procedures.

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TIME DESCRIPTION DURATION
00:00:00 Title 00:00:05
00:00:05 Exterior view of the European Parliament, Strasbourg, France (1 shot) 00:00:05
00:00:10 SOUNDBITE (English): Lucinda CREIGHTON, Irish Minister for European Affairs, speaking on behalf of the Irish Council Presidency: "I think there is little disagreement about the situation in Cyprus is extremely regrettable and the Human consequences that are for the Cypriot people are the most regrettable elements at all. It is important to emphasize and important to know I think that the situation in Cyprus was and is exceptional." 00:00:22
00:00:32 SOUNDBITE (English): Lucinda CREIGHTON, Irish Minister for European Affairs, speaking on behalf of the Irish Council Presidency: "National procedures required for the approval of the European stability mechanism financial assistance can now be launched. I understand that what is now envisaged is that the final agreement by the ESM Board of governors should be reached end of April and that the first ESM disbursement is scheduled for mid May. Mr President clearly the road ahead for Cyprus will be very challenging but this should not prevent us recognizing that these measures however difficult grant real assistance to Cyprus, assistance which is absolutely necessary, both to allow Cyprus to get its public finances and economy back on a sustainable path, but also to safeguards stability inside the Monetary Union. " 00:00:46
00:01:18 SOUNDBITE (English): Lucinda CREIGHTON, Irish Minister for European Affairs, speaking on behalf of the Irish Council Presidency: "As Presidency as you know our focus had been in advancing the measures to designed to address these short comings. This effort goes tot he heart of the Unions effort to restore stability. Above all this is meant working on the Banking Union, work which we would want to acknowledge is the central role and constructive engagement of the European Parliament. In adopting this focus the Presidency has followed the line of the priorities outlined by the European Council, banking Union is important as it will reinforce confidence in Europe's banking system and indeed in its supervision." 00:00:38
00:01:56 SOUNDBITE (English): Olli REHN, European Commissioner for Economic and Monetary Affairs and the Euro and vice president of the European Commission: "There must absolute clarity about secured deposits in this respect the Euro group and Cyprus took rapid correct actions and underlined that secured deposits indeed are secured in Europe." 00:00:20
00:02:16 SOUNDBITE (English): Olli REHN, European Commissioner for Economic and Monetary Affairs and the Euro and vice president of the European Commission: "The Commission as the guardian of the Treaties is closely monitoring the impact of the capital controls in Cyprus, the temporary restrictions were justified in the given circumstances, but there is very serious limitation to free movement of capital. Therefore the COM will ensure that these measures last no longer than strictly necessary. " 00:00:29
00:02:45 SOUNDBITE (English): Olli REHN, European Commissioner for Economic and Monetary Affairs and the Euro and vice president of the European Commission: "Indeed we now have to concentrate all our efforts to facilitate the emergence of new resources of economic activity and to alleviate the social consequences of the economic shock." 00:00:14
00:02:59 SOUNDBITE (English): Olli REHN, European Commissioner for Economic and Monetary Affairs and the Euro and vice president of the European Commission: "The COM stands by the Cypriot people in these challenging times, we are committed to help Cyprus to get through times and to overcome the current difficulties. I trust that we can count on the support of the European Parliament in together mobilising the necessary resources for Cyprus as quickly and as effectively as possible." 00:00:28
00:03:27 cut away shots (7 shots) 00:00:30
00:03:57 END 00:00:00
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