A €10 billion bailout loan for Cyprus has been agreed by Eurozone finance ministers during a special Euro area meeting. The proceedings were closely followed by Malta which was represented by Finance Minister Edward Scicluna.

Also accompanied by the Permanent Secretary in the Ministry of Finance, Alfred Camilleri, Prof Scicluna and other Eurozone Finance Ministers discussed plans to rescue Cyprus’s economic stability. The proposals contained a mixture of tax rises, one-off levy on deposits, gold sales and plan to downsize the banking sector in Cyprus.

If one had any doubts about the indignity suffered by indebted countries who are forced to seek a bailout, one should have been present for the night long meeting held in Brussels to decide the bailout conditions to be imposed on Cyprus following the crises which left them with a 17 billion euro gap in their system", the Minister held.

Prof. Scicluna observed how the bailout would safeguard the interest of the creditos and minimise the suffering such conditions would impose on the people of Cyprus.