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EUROPEAN STABILITY MECHANISM (ESM) - Announcement of the Ministry of Finance
Jul 10, 2012
ANNOUNCEMENT OF THE MINISTRY OF FINANCE
AIM TO ACHIEVE THE MOST PREFERENTIAL TERMS ON JOINING THE EUROPEAN STABILITY MECHANISM
As known, the Republic of Cyprus has applied for financial support from the European Stability Mechanism. The application was welcomed by the relevant European bodies and was accepted yesterday by the Eurogroup.
With this application, the Government aims to safeguard the necessary recourses to meet the financial needs required, mainly for the re-capitalisation of the banking system.
The above action safeguards the stability of the banking system as it makes available the necessary funds to ensure its re-capitalisation and smooth future operation.
The Government is optimistic that in the course of the negotiations, it will achieve the best possible terms, for the benefit of the Cyprus economy.
As certain concerns were raised as to the possibility of a change in Cyprus’ corporation tax rate, the Government wishes to stress that this matter does not fall within the scope of the negotiation process.
28 June 2012