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EU’s Rehn Sees Bailout Agreement for Cyprus in ‘Due Course’

Jan. 11 (Bloomberg) -- European Union Economic and Monetary Commissioner Olli Rehn said euro-area finance ministers will reach a decision on a bailout for Cyprus “in due course.”

“I expect that we can conclude the work and the Eurogroup can take decisions in due course so we can ensure financial stability in Cyprus,” Rehn said at the European Policy Centre in Brussels today.

Luxembourg Prime Minister Jean-Claude Juncker, who heads the group of euro-area finance chiefs, said yesterday that talks on aid for Cyprus will run at least into February.

Rehn today responded to German concerns about money laundering in Cyprus. Bailout funds aren’t justified as long as German taxpayers have the impression that they’re backing illicit money in Cyprus, Bild reported Jan. 9, citing Germany’s Free Democratic parliamentary caucus leader, Rainer Bruederle.

Cyprus “has already enacted several laws against money laundering in recent weeks and months and now the critical thing is of course implementation,” Rehn said. “Cyprus needs to implement these new laws against money laundering to ensure it is not a problem on the island. Moreover, it is important that Cyprus reforms its financial sector in line with European principles.”

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To contact the reporter on this story: James G. Neuger in Brussels at jneuger@bloomberg.net

To contact the editor responsible for this story: Patrick Henry at phenry8@bloomberg.net

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