Asmussen Says Troika Team Heads to Cyprus Tomorrow for Talks

A team of officials from the so-called troika that oversees euro-area bailouts will travel to Cyprus tomorrow to restart talks on a planned rescue, said European Central Bank Executive Board member Joerg Asmussen.

“A group of troika experts will travel to Cyprus tomorrow,” Asmussen told reporters in Brussels today after a meeting of euro-area finance ministers. “It’s a technical analysis and to get an understanding of the positions of the new Cypriot government.”

Asmussen said that reports that the ECB plans to withdraw from the troika are incorrect.

“The ECB will not withdraw from the troika and any reports which suggest this are unfounded,” he said. “We don’t see any that to our independence while we are participating in the troika. We are providing expertise. Experts are participating in troika missions while monetary policy decisions are made by the Governing Council.”

ECB participation in the troika is “key,” he said. “We have a great knowledge about Europe, its institutions, its economy and we especially provide expertise on macroeconomic issues and especially financial-sector issues.”

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