Moscovici and Schäuble push Cyprus accelerate its reforms amidst budget concerns

French and German Finance ministers Pierre Moscovici and Wolfgang Schäuble, noted today that they expect the newly formed government of Cyprus to accelerate the pace of reforms and continue negotiations for its bailout as specifics were drawn up.

Indeed, according to the French Ministry team, the previous Cypriot government began implementing measures in the 2013 budget. They also noted they intended to continue negotiations quickly with the financial assistance program in the country and fully expect to reach an agreement by March.

Thus, the two ministers have called the troika and the Cypriot authorities to further the project, citing that the program "should allow a financial adjustment, and significant structural budget". Meanwhile, the new president of Cyprus, Nikos Anastasiadis has reiterated that the agreement with the troika is a priority.