NICOSIA – The content of an agreement with the Troika (EC, ECB, IMF) is a more decisive factor than time, President Demetris Christofias has said, adding that it is the content that will define the future of the country and its people for years to come.

President Christofias, who was addressing Wednesday evening the Annual General Conference of Cyprus Investment Promotion Agency (CIPA), reiterated that talks with the Troika, οn the island to negotiate a rescue package agreement, “are difficult as expected”.

There are political terms which are hard to accept, he noted.

At the same time, he pointed out that the time factor is important. However, he said, one must answer the question whether time is the only parameter to take into consideration.

“The essence, the content of the agreement will be a more decisive parameter since it will determine the future of the country and it people for years to come,” he added.

President Christofias pointed out that the time factor is also up to the Troika, since its mission is to study and analyze data it has asked for and at the same time address the real needs of the banking sector.

The government, he continued, has put forward in an assertive manner at the negotiating table the positions agreed with all political parties and social actors.

These positions, he explained have to do with safeguarding important employee rights and institutions so that the quality of life of citizens and the prospects for growth can be protected.

“We have also proposed measures to safeguard the social state and wealth that have to do with semi-governmental organizations,” he said.

The Cyprus President spoke of the prospects arising from the exploitation of hydrocarbons from blocks within the Republic’s Exclusive Economic Zone (EEZ).

The size of Cyprus’ economy, he noted, in combination with the prospects in the area of hydrocarbons, means that if balanced measures are taken which will consolidate the banking sector and public finances, then the economy will recover from these difficult circumstances.

The prospect of natural gas is the most significant one for the country in the past fifty years, he said.

During his address President Christofias praised the role played by CIPA in promoting investment in recent years.

A Troika delegation is currently in Cyprus, holding contacts at the political and the technocratic level, with a view to reach an agreement with the government on a bailout programme.

The Government of the Republic of Cyprus informed on the 25th of June 2012 the appropriate European authorities of its decision to submit to euro area Member States a request of financial assistance from the EFSF/ESM.

The purpose of the required assistance is to contain the risks to the Cypriot economy, notably those arising from the negative spillover effects through its financial sector, due to its large exposure to the Greek economy.-