Cyprus Mail www.cyprus-mail.com
Saturday, March 16, 2013
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Burning the midnight oil Merkel stresses importance of reaching a deal on Cyprus aid By Stefanos Evripidou
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RUCIAL TALKS between eurozone finance ministers and troika representatives on a Cyprus bailout went on late into the night in Brussels as the Cypriot government led by President Nicos Anastasiades met with Europe’s movers and shakers on the sidelines to shore up support for a deal. The extraordinary session of the Eurogroup headed by Dutch finance minister Jeroen Dijsselbloem started after 6pm Cyprus time and continued late into the night. At the time of writing, the 17 eurozone finance ministers, joined by the IMF’s Christine Lagarde and top officials of the European Commission and European Central Bank had been at it for almost five hours, going through the troika’s latest report on Cyprus containing a range of alternative proposals to make Cyprus’ future debt sustainable. According to Reuters, the international lenders were aiming to give Cyprus a bailout of close to €10 billion, less than the €17bn initially expected, with taxes imposed on Cypriot bank depositors likely to fill the gap. The rescue package under discussion is likely to contain a mixture of tax increases, one-off revenue raising measures, plans for privatisations and an overhaul of the banking sector to ensure Cypriot debt is
sustainable and Nicosia can pay back what it borrows. Officials told Reuters that ministers might not reach a final decision during the Eurogroup meeting because of the complexity of the issues including the possible involvement of Russia, which has strong business ties with Cyprus. “We’re going to take stock of the situation in Cyprus, hear from the institutions ... we will see how far we will get,” said Dijsselbloem on entering the meeting. The Eurogroup President added: “We are not happy that Cyprus needs financial assistance. Cyprus is not happy either, but it is for the benefit of the country and the eurozone to reach an agreement. We are hoping to find a good solution.” Earlier in the day, Anastasiades and his delegation met with European Commission President Jose Manuel Barroso, Lagarde, and other EU officials and heads of member states. Following a 45-minute meeting with the IMF (AFP) chief, sources told the President Nicos Anastasiades with German Chancellor Angela Merkel yesterday state broadcaster that Lagarde appeared to stick to her guns on the issue of Cyprus’ debt sustainability. waiting list and both are making excellent On the way to the Euro- A DONATED human liver has been kept recoveries, the medical team told a news group meeting, Lagarde alive, warm and functioning outside a huconference. told reporters the problem man being on a newly-developed machine “It was astounding to see an initially cold, with Cyprus was that: “We and then successfully transplanted into grey liver flushing with colour once hooked don’t want a band aid, we patients in a medical world first. up to our machine and performing as it want something that will A British team of doctors, engineers and would within the body,” said Constantin last, that is durable and surgeons in announcing the achievement yesterday, said it could be common pracCoussios, a professor of biomedical engisustainable.” neering at Oxford University and one of the The Netherlands and tice in hospitals across the developed world machine’s co-inventors. Finland have set IMF par- within a few years, up to doubling the “What was even more amazing was to see ticipation in a bailout as a number of livers available for transplant. So far the procedure has been performed the same liver transplanted into a patient TURN TO PAGE 5 on two patients on Britain’s liver transplant who is now walking around.”
Device keeps liver ‘alive’ outside body in medical first