Efforts to conclude Cyprus’ bailout agreement the soonest, was the main issue discussed during a telephone conversation Cyprus President Nicos Anastasiades held with German Chancellor Angela Merkel on Saturday.

According to a written statement by Government Spokesman Christos Stylianides, the discussion was very positive and constructive. The contacts will continue during the upcoming European Council in Brussels.

Excluded from international capital markets, Cyprus has requested financial assistance from the EU bailout mechanism after its two largest banks sought state aid following massive losses of their Greek bond holdings estimated at €4.5 billion, as a result of the Greek sovereign debt haircut.

The Troika and the Cypriot authorities have agreed on a preliminary memorandum of understating which includes the conditions for the granting of the financial assistance programme estimated at €17 billion

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