CIS finance ministers may discuss Cyprus crisis in June

19:23, 28 March 2013

MINSK. March 28. KAZINFORM Consequences of the Cyprus crisis for the financial system of the Commonwealth of Independent States may be discussed at a meeting of the finance ministers of the CIS member states. The meeting may be held tentatively in June 2013, Mr Sergei Lebedev, Chairman of the CIS Executive Committee, CIS Executive Secretary, told media on 28 March, Kazinform has learnt from BelTA.

The latest events on Cyprus and the crisis of Cyprian banks affect the CIS states, too. "It is no secret that some of the money of natural and legal persons of the CIS states is deposited in Cyprian banks. Certainly, we cannot stay indifferent to how the crisis will be resolved," said Sergei Lebedev.

Sergei Lebedev said he hopes that the forthcoming meeting of the CIS finance ministers under the chairmanship of Belarusian Finance Minister Mr Andrei Kharkovets will discuss the situation resulting from the Cyprus crisis and that some joint measures will be taken to minimize the consequences for the financial system of the CIS states.

Some experience of interaction between the financial bodies of the CIS states when emergencies occur has been accumulated in recent years, said the official. The financial crisis of the year 2008 encouraged the CIS states to work together. "Back then upon the initiative of the heads of state a permanent meeting of the CIS finance ministers was established. To some extent it helped minimize consequences of the financial crisis of 2008-2009. We managed to overcome this crisis rather successfully and now see positive trends in the development of the CIS economies," he said.

CIS Economy