CYPRUS: Talks With Troika In Final Stages, Next Few Hours Will Determine The Future

The Cypriot government just issued a statement on the latest in the negotiations over a bailout of its banking system with the EU.

Via Bloomberg, Cypriot government spokesman Christos Stylianides, speaking in the capital of Nicosia, said talks with the "troika" of EU, ECB, and IMF creditors are in the final stage.

Stylianides said that parliament would convene soon to take a difficult decision, and that the measures taken would be painful regardless, but that the next few hours will be critical and will determine the future.

Negotiations are at a sensitive point and everyone has to rise to the occasion, said Stylianides.

Meanwhile, European Commission President José Manuel Barroso said that there was "no time to lose" on seeking a Cyprus solution that is acceptable to all of the euro area, but that no rescue plan has been received from Cyprus yet.

Europe is waiting on the Cypriot parliament to pass nine bills related to the bailout and banking reform today.