Olli Rehn, Vice-President of the European Commission in charge of Economic and Monetary Affairs and the Euro has stressed that Europe will stand by the Cypriot people and expressed the belief that Cypriots would overcome the difficulties ahead of them.

In his remarks on Cyprus at the Eurogroup press conference, Rehn said that “it`s clear that the depth of the financial crisis in Cyprus means that the near future will be very difficult for the country and for its people”, noting that “the Commission will do everything possible to alleviate the social consequences of this economic shock and help to protect the most vulnerable people”.

“Cyprus is part of the European family, and Europe will stand by the Cypriot people”,  he added.

In this context, he continued, “I can inform you that President Barroso intends to create a Commission Task Force for Cyprus, in agreement with President Anastasiades.  The Task Force for Cyprus will provide technical assistance to the Cypriot authorities, with a strong focus on employment, competitiveness and growth”.

EC Vice- President said that “it will be necessary for the Cypriot people to build their economy on a new basis and the Commission is ready to mobilise all the resources at its disposal to help them face that challenge”.

“I want to say this to our fellow Europeans in Cyprus: Cyprus and the Cypriots have gone through very difficult times before – and you know what I mean – and the Cypriots have overcome these difficult times. There will be tough times ahead now as well, but I`m sure that by working hard together, we shall overcome these difficulties”, he concluded.

Eurogroup president Jeroen Dijsselbloem in his statement made early Monday morning stressed that the agreement reached between Cyprus and its creditors “puts an end to the uncertainty that has affected Cyprus and the euro area over the last few days,”