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Cyprus government spokesman: Next few hours critical to the country’s future

FXstreet.com (Barcelona) - Cyprus government’s spokesman Christos Stylianides said on Friday that the next few hours will be crucial to the country’s future, as the EU, ECB and the IMF continue their difficult talks on the rescue program.

The complete text of the statement:

“The President of the Republic and the Government are in hard negotiations with Troika in order to conclude to solutions that will save the banking system, the economy in general and will bring back calmness in the country. During these really critical hours, everyone must demonstrate the highest level of responsibility.

The President of the Republic, as he mentioned during his address to the nation, assumed a high political cost and accepted the deal with the Eurogroup for the stability levy, despite his disagreements, bearing in mind the social misery that a possible rejection of the proposal would cause.

In a few hours we will be called upon to take the big decisions and reply to the hard dilemmas.

The Government has already submitted the bills. The philosophy through which it is trying to find the best possible solution, under the given circumstances, is already known. The House of Representatives will soon be called upon to take the big decisions. Undoubtedly, there will also be painful aspects in any decision taken, but the country must be saved.

The political leadership must, despite the different ideological and political approaches, provide the way out. The President of the Republic as the guardian of unity kept the political leadership constantly briefed and respected the decision of the House of Representatives. Through the continuous meetings with the party leaders he aimed at collective wisdom.

The next few hours will determine the future of this country. We must all assume our responsibility.”

European markets higher ahead of Cyprus vote on “solution”

The German DAX 30 (+0.15%), the French CAC 40 (+0.05%), the Italian FTSE MIB (+0.50%) and the Spanish IBEX 35 (+0.41%) are rising ahead of the Parliamentary vote in Cyprus to reach a solu-tion for the country. “The Cypriot parliament are due to vote today on measures such as capital controls and the bank bills but as yet there does not appear to be a comprehensive plan B in place”, wrote TD Securitites analysts.
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