Bloomberg: EU's Rehn sees bailout agreement for Cyprus in due course

11 January 2013

EU Economic and Monetary Commissioner Olli Rehn has said euro area finance ministers will reach a decision on a bailout for Cyprus "in due course".

"A haircut is not an option for us", Rehn, the European Economic and Monetary Affairs Commissioner, said. “I expect that we can conclude the work and the Eurogroup can take decisions in due course so we can ensure financial stability in Cyprus.”

Cyprus “has already enacted several laws against money laundering in recent weeks and months and now the critical thing is of course implementation”, Rehn said. “Cyprus needs to implement these new laws against money laundering to ensure it is not a problem on the island. Moreover, it is important that Cyprus reforms its financial sector in line with European principles.”

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