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German, French finance ministers call for agreement on Cyprus rescue before end of March

By: The Associated Press

Monday, Feb. 25, 2013 at 7:44 AM | Comments: 0

A woman and child walk by a closed shop in Nicosia, Cyprus, on Feb. 20, 2013. THE CANADIAN PRESS/AP, Petros Karadjias

BERLIN - The finance ministers of Germany and France are calling for efforts to reach agreement on a rescue package for Cyprus by the end of March following conservative candidate Nicos Anastasiades' victory in the country's presidential election.

In a joint statement Monday, Germany's Wolfgang Schaeuble and France's Pierre Moscovici welcomed the result of the election.

They say: "Discussions should resume shortly with a view to reach an agreement before the end of March."

The ministers stressed the need for a "significant financial, fiscal and structural adjustment" in Cyprus. They say they are "confident that the forthcoming government will significantly accelerate the pace of reforms to sustainable growth and to fiscal and financial stability, which are in the interest of Cyprus and the euro area as a whole."

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