Cyprus gov't upbeat ahead of first troika review

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Associated Press

Posted on July 16, 2013 at 6:03 AM

Updated Tuesday, Jul 16 at 6:05 AM

NICOSIA, Cyprus (AP) — Cyprus' finance minister says he's optimistic that international creditors will confirm that the country is sticking to the terms of its financial rescue when they complete their first assessment.

Haris Georgiades says the quickest way to shed the harsh terms of the 23 billion euro ($29.9 billion) bailout that the country signed in March is it to faithfully implement them.

He said Tuesday that the government aims to slash spending by 11 percent by next year, but won't impose new taxes.

Officials from the European Commission, the European Central Bank and International Monetary Fund begin the assessment Wednesday.

Georgiades said the focus will be on quickly restoring the decimated banking sector back to health in order to get the tanking economy moving again.

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