South Cyprus ministers meet soon for bailout plan

Cyprus’s council of ministers will begin considering the details of the country’s new ‘Investment Solidarity Fund’ at 6pm this evening.

Government spokesman Christos Stylianides has issued this official statement earlier today, confirming that all sides support the plan:

Following a proposal by President Anastasiades, there was a consensus reached and a unanimous decision was taken for the establishment of an Investment Solidarity Fund. The proposal is currently undergoing legal and technical processing by the Law Office of the Republic….

For this purpose draft, legislation is being prepared by the Law Office of the Republic, which will be presented before the Council of Ministers in a meeting today at 6pm.

The plan is then to submit it to parliament for ‘final approval’ at 7pm GMT – which could mean a vote tonight. Other reports, though, have suggested this is unlikely.

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