Greek Government Formation Will Help Cypriot Banks, Shiarly Says

Cyprus’s finance minister, Vassos Shiarly, said the formation of a Greek government “which will retain Greece within the euro area” will help recapitalization of the Cypriot banking system.

“The establishment of a government in Greece is likely to be very helpful to us, to see in which direction we are going,” the minister told reporters in Nicosia today. “This is expected to be a very positive development.”

Recapitalization of the island’s banks will go ahead as planned, Shiarly said.

To contact the reporter on this story: Stelios Orphanides in Nicosia at

To contact the editor responsible for this story: Craig Stirling at

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