Eurozone ready to bail out embattled CyprusJune 27, 2012 - 21:44 AMT PanARMENIAN.Net - The eurozone is ready to bail out embattled Cyprus in coordination with the International Monetary Fund, finance ministers from the 17-nation single currency area said Wednesday, June 27, AFP reported. "The Eurogroup acknowledges that an adjustment program seems warranted at this stage and considers responding favorably to it," the ministers said in a statement issued after a conference call. "The Eurogroup also welcomes the request of Cyprus for financial assistance from the IMF," it added. The conference call followed a formal request Monday for aid from Cyprus and comes on the eve of an EU summit aimed at stemming contagion in Europe's sovereign debt crisis, now in its third year. Financial assistance would be through the eurozone's rescue fund, the European Financial Stability Facility (EFSF), or its successor the European Stability Mechanism, which is to be set up next month. The next step will be for the European Commission, the European Central Bank, Cypriot authorities and the International Monetary Fund "to agree on a program". This would set the amount needed by Cyprus as well as spell out the reforms it would need to carry out in return to put its financial house in order. Cyprus will be the fifth eurozone nation to have requested aid after Greece, Ireland, Portugal and Spain. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. Armenian Foreign Minister regrets “tragic loss” of Iranian counterpart The Armenian Foreign Ministry has expressed shock over the death of the Iranian President and the Minister of Foreign Affairs. Armenian PM sends condolences to Iran Prime Minister Nikol Pashinyan sent a message of condolence to the Supreme Leader Seyyed Ali Khamenei. Armenia, Turkey discuss restoration of historic bridge The meeting took place on May 17 in Ashgabat on the sidelines of an international conference of ministers of culture. |