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Cyprus starts working week out of bailout

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By Euronews
Cyprus starts working week out of bailout

<p>Cyprus has kicked off the working week standing on its own two feet. </p> <p>Its EU bailout has officially finished, as it bounces back from financial turmoil that tore through the heart of its banking sector. </p> <p>It did not require the last quarter of a 10 billion euro loan package.</p> <p>But will austerity stay?</p> <p>“Austerity measures become necessary based on the situation of public finances, whether a country is in a programme or not,” Finance Minister Charis Georgiadis told euronews.</p> <p>“That is why, from the very beginning, we were very careful and made sure that Cyprus’ public finances were set on a sustainable path.”</p> <p>Cyprus’ bailout was partly funded by the <span class="caps">IMF</span>, which is facing Wikileaks claims that senior Fund officials have been discussing a possible debt haircut for Greece. </p> <p>The <span class="caps">IMF</span> has denied that Athens would be pushed closer to a default as a negotiating tactic on a new bailout deal.</p> <p>“Every state, through its own actions and initiatives to consolidate its economy, should avert any possibility, should not allow any room for anybody to blackmail or apply pressure,” said Georgiadis.</p> <p>Greece is reviewing its fiscal and reform progress with its EU and <span class="caps">IMF</span> lenders. It aims to unlock a fresh tranche of about five billion euros, needed to pay off state arrears and <span class="caps">ECB</span> and <span class="caps">IMF</span> maturing debt.</p>