Cyprus Finance Minister: We'll Do Everything It Takes
The new finance minister of Cyprus has told CNBC he country is in for a "rough ride" following the agreement of a bailout for his country.
"The sooner and more decisive our actions now, the sooner we shall exit this difficult period," said Harris Georgiades, in his first television interview with an international broadcaster since replacing Michael Sarris as finance minister.
"Cyprus will remain a member of the euro zone and we shall remain at the heart of the EU. That is our destiny. We shall do whatever it takes to fix our imbalances and put our house in order," he added.
Georgiades said his government is now drafting a plan on how to implement the EU deal.
"The cabinet are meeting in an extraordinary meeting today, Monday and Tuesday. We are going to do whatever it takes to kick start the economy."
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The comments came the day after euro zone finance ministers and policy makers agreed backed a 10 billion euro bailout for the Cyprus and agreed to try and help kick start growth in the country via the use of EU structural funds.
Cyprus will have to find 13 billion euros itself through a combination of a controversial tax on uninsured depositors in two of Cyprus largest banks, tax rises and spending cuts.
The key question for Cyprus and the euro zone is whether this deal will be enough given the growth projections it is based upon are seen by many as optimistic.
When questioned on the issue by CNBC at a press conference on Friday, European Monetary Affairs Commissioner Olli Rehn said the Troika of Cypriot creditors is currently revising its growth forecasts for growth in the small island state.
There is "plenty of uncertainty about the exact trajectory of growth in Cyprus," said Rehn.
(Read More: Confusion Over Cyprus' Bailout Funding Grows)
"At this stage we do our best," Rehn said. "We have done it as thoroughly as we can, but I don't deny that under the present circumstances, there is quite some uncertainty about the exact figure."
Georgiades said kick-starting growth is the key to making this deal work and believes Cyprus has some advantages that should give it a chance.
"We have some traditional industries, tourism and shipping amongst them. We shall be offering incentives for their further development. We have very promising new prospects ahead like the energy sector. We will shall very careful steps to develop it soonest."
"We are in difficulty now but I'm very confident about the medium and longer term prospects of the Cypriot economy" said Georgiades.
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Another key issue for Cyprus is its relationship with Russia given many of the depositors who lost out on the deal are Russian nationals.
"There has been contact whilst the Eurogroup session was taking place. There is good news. We are grateful that the Russian government is ready to renegotiate and extend and offer better terms and conditions for this loan and I am very confident that we will shall have a deal over the next few weeks," he said