No possibility for default, Finance Ministry says

Cypriot Ministry of Finance said on Tuesday there is no possibility for the Republic of Cyprus to default, as all current financing needs have been secured.

“With regard to reports in the Cypriot press for an imminent default on behalf of the Republic of Cyprus, the Finance Ministry would like to announce that the government has secured all its current financing needs and there no such a possibility,” a press release issued today by the Finance Ministry notes.

Yesterday, Finance Ministry Permanent Secretary Christos Patsalides told the Parliamentary Committee of Financial and Budgetary Affairs that Cyprus may default if the government’s financing needs are not secured.

Following the Committee meeting, the managing committee of the Cyprus Electricity Authority and the Cyprus Telecommunications Authority pension fund decided grant the government with a loan totaling €200 million, whereas the Cyprus Port Authority has decided to grant €38 million from its reserves.

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