NICOSIA --- Minister of Finance Vasos Shiarly flew to Brussels today to participate in Monday’s Eurogoup meeting.

Eurozone Finance Ministers will have a first discussion on Cyprus’ draft bailout agreement, between the Republic of Cyprus and Troika (IMF, ECB, EC).

Speaking on Friday after a meeting with the parliamentary committee of Financial and Budgetary Affairs, Shiarly said Finance Ministers will be briefed on the course of discussions between the Troika and the Cypriot authorities, adding that no decisions will be taken.

The main discussion on Cyprus’ bailout agreement will take place during the Eurogroup meeting of 13th of December.

The Minister made clear on Friday that the memorandum cannot be completed as long as the definite size of the banking sector recapitalisaion is pending.

He added, however, that the memorandum of understanding, which contains the policy conditionality, has been agreed with the exception of the size of the recapalisation of the banking sector, as the preliminary report on the capital needs of the banks is due to be announced on December 7. The final report is expected to be announced in January 2013.