Cyprus President of the Republic Nicos Anastasiades has expressly told a Troika mission in Cyprus that he will not accept a haircut of bank deposits reports Famagusta

In statements after a meeting the Troika delegation had with President Anastasiades at the Presidential Palace, Minister of Finance Michalis Sarris said the Troika has a collective mandate which includes various ways to make the public debt manageable.

He explained that the Troika analysis model in relation to debt viability contains different approaches than those included in the model drafted by the Ministry of Finance. Sarris stressed that the economy has started to gain momentum due to increased savings and that by 2020 investments in the area of energy will start bearing fruit and will therefore make the debt viable.

Troika representatives, Maarten Verwey on behalf of the European Commission, Delia Velculescou on behalf of the IMF and Isabel von Köppen-Mertes of the European Central Bank, did not make any statements.

“It was a very constructive meeting”, Sarris said. “On our part, the President reiterated the government determination to proceed as soon as possible with the completion of a loan agreement,” he said.

“At the same time he reiterated to Troika representatives the issues which will not be included in the talks”, he added.