Agriculture, Natural Resources and the Environment Minister Nicos Kougialis has stressed that the local agricultural and farm produce should be directly supported through specific proposals and measures until the situation on the island returns to normal.

Kougialis was speaking during a meeting with representatives from the poultry, sheep and goat producers as well as pig producers and farmers’ organizations.

An official statement said that after the agreement with Eurogroup and the restructuring of the financial sector that is underway, the Minister met on Tuesday with the representatives of the various farmers’ associations to discuss the repercussions in the farming industry and to examine immediate solutions to the problems arising.

The Minister said that the local production in agricultural and farming products should be supported through various proposals and measures until the situation returns to normal.

He assured the local producers, cereal producers and agricultural organizations that the Ministry will undertake action with all relevant parties to give the best possible solutions to problems which the various sectors are facing.

The Central Bank announced late Monday its decision to extend a bank holiday on Tuesday and Wednesday following a decision taken by the Eurogroup to resolve the Cyprus Popular Bank whose good part will be folded in Bank of Cyprus. The latter will be recapitalized through a deposit/equity conversion.

Excluded from the international markets, Cyprus applied last June for financial assistance from the EU bailout mechanism, after its two largest banks sought state following massive write down of the Greek bonds holdings amounting to €4.5 billion. In a decision early Monday morning, the Eurogroup announced it would provide a financial assistance package amounting to €10 billion.