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Thursday, March 14, 2013
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Momentum grows for a Cyprus deal Eurogroup is to discuss outline of aid programme tomorrow night By Luke Baker and Gilbert Kreijger
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HE EUROZONE’S 17 finance ministers will meet in Brussels tomorrow after an EU leaders’ summit to discuss Cyprus’ financial bailout, officials said yesterday, signalling growing momentum for a deal. The meeting, which follows a mission by the troika of international lenders to Cyprus, raised expectations that the eurozone was close to sealing a package of aid that the island asked for last June. “Friday 5pm (1600 GMT) extra Eurogroup on Cyprus,” Dutch Finance Minister Jeroen Dijsselbloem, who chairs the meetings, said on his official Twitter feed. “The expectation is that the Eurogroup will discuss the outlines of the aid programme,” he said separately in a letter to the Dutch parliament. The question of a bailout for Cyprus will also be discussed on the sidelines of this week’s EU and eurozone summits although it is not officially on the agenda of either meeting, a German official said yesterday. “Cyprus is not on the agenda, either of the European summit or the eurozone summit,” the government official said, speaking on condition of anonymity. “I don’t think I’m telling any secrets.... that talks on Cyprus will take place on the sidelines,” the official added, saying therefore no formal decision on any bailout would be taken by the heads of state and government. The official said the German govern-
ment would base its decision about a Cyprus bailout on the troika’s evaluation and recommendation, which it hasn’t received yet. Crippled by its exposure to Greece, Cyprus needs funds from the eurozone to recapitalise its banks and to finance the government over the next three years. Without help, it would slide into default, risking the eurozone’s credibility and threatening progress made last year in convincing investors that the bloc will not be overwhelmed by its debt problems. Initial estimates on the size of the bailout have been as much as the whole Cypriot economy produces in a year, some €17 billion, raising doubts whether the island would ever be able to pay back the money. Officials told Reuters late on Tuesday that Cyprus may require a smaller bailout than that because it could raise money from a levy on deposits and other taxes. Dijsselbloem told the Dutch parliament yesterday the bailout should be nearer to €10 billion. Reports put the bailout between €10 and €13 billion. In his letter, Dijsselbloem said a programme for Cyprus must lead to a sustainable public debt level, allow it to repay its loans and revive the economy. “The programme’s size has to be limited,” he said. The troika – the European Commission, the European Central Bank and the International Monetary Fund – have told eurozone finance ministers enough progress had been
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Newly-elected Pope Francis I (right) is the Roman Catholic Church’s 266th pontiff
(AFP)
Jorge Mario Bergoglio of Argentina elected Pope By Philip Pullella and Barry Moody JORGE Mario Bergoglio of Argentina was elected in a surprise choice to be the new leader of the troubled Roman Catholic Church yesterday, and said that he would take the name Francis I. Pope Francis, 76, appeared on the central balcony of St. Peter’s Basilica just over an hour after white smoke poured from a chimney on the roof of the Sistine Chapel to signal he had been chosen to lead the world’s 1.2
billion Roman Catholics. In delivering his first blessing to a huge crowd in St Peter’s Square on Wednesday night, Pope Francis asked for the prayers of “all men and women of good will” to help him lead the Catholic Church. Francis, speaking Italian with a slight Latin American accent, joked with the crowd before delivering his blessing, saying: “As you know the duty of the conclave is to give Rome a bishop. “It seems that my brother cardinals went almost to the end of the world.” The choice of Bergoglio was earlier
announced by French cardinal JeanLouis Tauran with the Latin words “Annuntio vobis gaudium magnum. Habemus Papam” (“I announce to you a great joy. We have a pope” Francis becomes the 266th pontiff in the Church’s 2,000-year history at a time of great crisis and difficulty. Although a conservative he is seen as a reformer and was not among the small group of frontrunners identified before the election. He also went against one of the main
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