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Today's meeting between President Barroso and President Anastasiades of Cyprus followed the European Council on Wednesday and focused on the challenges of Cyprus. President Barroso noted that the adjustment programme for Cyprus “is the key vehicle for a new departure for the Cypriot economy. It provides remedies that will enable Cyprus to move away from the previous situation that was proven to be unsustainable. It will help Cyprus to revise its growth model and address the vulnerability of an oversized and under-capitalised banking system.”
President Barroso praised the Cypriot authorities for the agreement on the adjustment programme and for the adoption of all prior actions. "This is a very good sign which allows us to look ahead to the future with confidence", he said.
Nevertheless, the President recognised that the recovery will take time and that Cyprus will need help to face the social consequences of the economic shock. "The available EU resources for Cyprus have to be mobilised as quickly and as effectively as possible. The dedicated Support Group that I have established will work with the Cypriot authorities to ensure that funding can be channelled where it is most effective", said President Barroso.