Current situation in Cyprus: - extract from MEP's debate

Type: News   Reference: 93333   Duration: 00:04:19  Lieu: Strasbourg, France - European Parliament
End production: 17/04/2013   First transmission: 17/04/2013
MEPs have quized the Commission and the Irish Minister of State for European Affairs Lucinda Creighton on how the recent programme of financial assistance to Cyprus was handled. The aim of the debate was to seek clarification of the actual amount of the total rescue package and Cyprus' own contributions. 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 EP, Strasbourg 00:00:05
00:00:10 SOUNDBITE (French) Jean-Paul GAUZÈS (EPP, FR) The insufficiency of the EU institutions is manifest. There was no efficient intervention to prevent or limit the foreseeable risk of an economy in disequilibrium due to a increasing financial sector activities. This sector id over dimensioned 120 billions active comparative to the island economy representing 7 times its GDP. 00:00:23
00:00:33 SOUNDBITE (French) Jean-Paul GAUZÈS (EPP, FR) We have to take lessons of this crisis: There is a need for more solidarity, EU can't simply stay aside face to country economic specialisation. This put in danger the whole situation of that concerned country. 00:00:16
00:00:49 SOUNDBITE (English) Hannes SWOBODA (S&D , AT) You should never have agreed to the attack of the deposits less than 100.000 Euro limit. This is not acceptable. it is destroying confidence and trust in acts and promises of the EU. There fore we should chance the whole structure of our policies. As I said Commissioner Vice-president yesterday, we may not like, and very often we do not agree with your policies. But you are democratically elected; you are directly responsible to this Parliament. The troika is not. Stop the troika, we don't need the troika. This one is not necessary. Do you know, Commissioner Vice-president, the behavior, the rude behavior of the troika? Do you know how they treated the President, the elected President of the Cyprus? Ask them, and ask the people representatives of their rude behavior in other countries as well. This is not acceptable. Let's stop the troika, you and your colleagues are responsible, you are democratically legitimate here, and we want to speak with you about that". 00:01:15
00:02:04 SOUNDBITE (English) Guy VERHOFSTADT (ALDE , BE) I think that in the case of Cyprus is proof of the fact that wee need the fasts as possible a European resolution found, a European mechanisms, and not longer a case by case approach, as we have seen today. 00:00:18
00:02:22 SOUNDBITE (French ) Daniel COHN-BENDIT (Verts/ALE , FR) There is a prospective for Cyprus, but Europe must mobilise itself. The perspective for Cyprus is the island unification. Thats an economic project. Thats will open up the market to the investors of the most dynamic economy in the region. Who, is Turkey. They will invest in Cyprus only if they will be unified. So an economic model by unification integrated in the European Union. 00:00:38
00:03:00 SOUNDBITE (Greek)Takis HADJIGEORGIOU (GUE/NGL, Cy) As soon as Cyprus is going to stay on its two feet it will examine the possibility to say the big 'good by" .Not counting the consequences, it's a matter of dignity. When Cyprus was going trough difficult times there was no solidarity. Solidarity toward of a lion in the forest; no solidarity towards smallest creatures of the forest. Would Europe do that vis- a- vis a bigger state? Why didn't we do it for Greece? Greece was also a small state. Can they do the same for Italy? Can they do the same for Spain? Can they do the same for France or Germany? Never, never, they did it because Cyprus is a small country. This kind of solidarity is the only one we know. 00:00:48
00:03:48 Cutaways (7 shots) 00:00:31
00:04:19 END 00:00:00
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