President of the Republic of Cyprus Demetris Christofias expressed Friday the view that Cyprus would rather need financial assistance to recapitalize its banks than for its economy.
Replying to questions after the end of the European Council in Brussels, President Christofias Said that Cyprus’ economy, its fiscal deficit and its public debt do not need any financial assistance.
He pointed out that by the end of the year, Cyprus would have fulfilled its goals for a fiscal deficit under 3% of GDP.
Asked about the amount of financial assistance that Cyprus will seek from the EU, he said that this depends on the findings that will come out after examining the situation of the Cypriot economy.
President Christofias expressed the view that Cyprus will mostly need assistance to recapitalize its banks rather than for its economy.
The exact amount of the financial assistance needed, will be defined during the negotiations, he said.
“So, I can not refer you now to any numbers, since we have not concluded one in depth research as regards the amount we will discuss with the Commission”, he concluded.