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I welcome the important first steps Cyprus is already taking to implement actions that have been agreed with the Troika in the draft Memorandum of Understanding, including fiscal consolidation measures.
The Eurogroup will discuss the interim results of the due diligence exercise on the capital needs of the financial sector and its implications for programme financing on 13 December.
I call on Cyprus and the Troika to conclude on the proposed terms of a programme in order to reach agreement on an adjustment package in a timely manner.
In a statement at the Eurogroup press conference, VP Rehn said: "On Cyprus, good progress has been made in our discussions with the Cypriot authorities. The convergence reached on the policies to strengthen public finances, to repair and reform the financial system and enhance competitiveness, represents a necessary step towards agreement on an economic reform programme. I look forward to a timely conclusion of the remaining outstanding aspects once we have the results of the due-diligence exercise for banks currently underway in Cyprus."
Press release © European Commission