“Cyprus won’t cost Belgium a brass farthing”

The Belgian Finance Minister Koen Geens has said that the Cyprus bailout deal won’t cost Belgium a penny more. Speaking in VRT Radio 1’s morning news and current affairs programme ‘De Ochtend’, Mr Geens explained that Belgium had already made its contribution to the European Investment Bank to help finance the European Financial Stability Facility.

"No new obligations have come Belgium’s way as regards debts from bonds, we are very under-represented in Cyprus.”

However, Belgium is involved in the Cyprus bailout as our country has helped finance the European Investment Bank and the European Financial Stability Facility, both of which are now providing financial support to Cyprus.

The negotiations with Cyprus ran far from smoothly."The President of the European Council put a lot of work into these negotiations and that was a good thing too.”

"It proved to be really necessary.This isn’t just about saving two banks. It’s in the first instance about reducing Cyprus’ foreign debt and steering them towards economic recovery as best we can.”