Eurozone sees benefits for Cyprus reunification but it asks for quot;preparaciónquot; – W Radio

Brussels, 7 nov (EFE).- The president of the Eurogroup, Jeroen Dijsselbloem, said today that a potential reunification in Cyprus would cause a positive impact on the economy of the island, although it warned of the need for a “preparation” to face the road ahead in this political process.

In the press conference after the meeting of the ministers of Economy and Finance of the euro, Dijsselbloem explained that his colleague in cyprus, Harris Georgiades, has informed the rest of the Eurogroup regarding the possibility of a reunification of the country, paying particular attention to the economic and financial affairs.

the president of The Eurogroup noted that, despite the “positive impact” that the process could have, ahead of a lot of work if this project becomes successful and during the process itself.

Cyprus is divided into two regions since the Turkish invasion of 20 July 1974, and currently the only internationally-recognised Government is the Republic of Cyprus, while in the north of the island the self-proclaimed Turkish Republic of Northern Cyprus has only with the recognition of Turkey.

the president of The Eurogroup also referred to the results of the first supervision mission following the program of Cyprus, carried out at the end of September 2016, that has been discussed today by the ministers of the eurozone.

Dijsselbloem stressed that the “economic recovery in cyprus is still strong, encrypted in a growth of 2.5 % to 3 % growth, with a good work done by the Government of the country, including the financial sector”.

however, he stressed that the country still has a high level of “bad loans” that entails possible risks to the forecasts of tax.

“we are Confident that the cypriot authorities will continue carrying out a effort vigorously to eliminate these problems and maintain its structural reforms,” he said.

The later revisions at the end of the Cyprus bailout, which received 10,000 million euros in order to consolidate their banking, take place twice a year, until the country repays at least 75 % of the amount of the loan received. EFE

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