President of the Republic of Cyprus Demetris Christofias said on Wednesday that the government would be handing over the baton with its head held high after February`s presidential elections, proud of the work it has done and AKEL`s service to the people for over ninety years.

Speaking at an event at the offices of ruling leftwing political party AKEL, which he served as General Secretary before being elected President of the Republic five years ago, President Christofias referred to the financial crisis in Cyprus, saying that it was not caused by the government but “the banks and businesspeople, who provoke the government at every opportunity.”

Referring to his term in office, President Christofias said “our service was in the context of an effort to complete a welfare state but unfortunately the global system and its crisis had a different opinion,” adding that the government would have monitored the banking system if it had been able to do so, a competency belonging to the Central Bank.

He said Cyprus was obliged to enter the support mechanism and held tough negotiations with the Troika (European Commission, European Central Bank, International Monetary Fund) to salvage as many social benefits as possible, noting that to a great extent this has been achieved.

Furthermore, President Christofias said that the government met its aims in negotiations with the Troika on the issue of hydrocarbon reserves in Cyprus` exclusive economic zone.

The President expressed hope that the Troika would not demand the privitasation of semi-governmental organisations, and assured that, “if they do, I have no intention to take such a step.”