Bloomberg News

Schaeuble’s Comments on Cyprus Were Misinterpreted, Shiarly Says

November 01, 2012

Cypriot Finance Minister Vassos Shiarly said comments attributed to his German counterpart, Wolfgang Schaeuble, that Cyprus hasn’t had concrete talks with international creditors “may have been misinterpreted.”

Schaeuble may have meant that a bailout agreement “will take us until January 2013” before euro-region parliaments ratify it, “even if we agreed the memorandum of understanding next week and went to the eurogroup,” Shiarly said, referring to the group of euro-area finance ministers. He said he is “optimistic that talks are developing quite satisfactorily and do not believe that this comment could be true.”

Shiarly said that Cyprus, which in June became the fifth member of the 17-nation euro region to request an international rescue, hopes the troika of international monitors -- the International Monetary Fund, the European Commission and the European Central Bank -- will announce its next visit to the island “very soon” to finalize the terms of Cyprus’s rescue.

Cyprus would prefer to have its request approved by euro finance ministers as early as Nov. 12, when the group is due to meet in Brussels, even if Spain’s bailout request is not on the agenda, Shiarly said. “It is up to Spain to decide” when its request will be discussed, he said.

To contact the reporter on this story: Stelios Orphanides in Nicosia at

To contact the editor responsible for this story: Craig Stirling at

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