BRUSSELS, March 21 (Xinhua) -- The Eurogroup stands ready to discuss with the Cypriot authorities a new draft proposal for the bailout of the Mediterranean island, the Eurogroup chief said late Thursday.
The Eurogroup expects the Cypriot authorities to present the new proposal "as rapidly as possible," Eurogroup President Jeroen Dijsselbloem said after a conference call of eurozone finance ministers.
"The Eurogroup would subsequently, on the basis of a Troika analysis that needs to be undertaken, be prepared to continue negotiations on an adjustment programme, while respecting the parameters defined earlier by the Eurogroup," he said.
"After the conclusion of such negotiations, the Cyprus authorities should begin legislating the elements of such an agreement," Dijsselbloem added.
The statement came as the island's leaders were struggling to craft a "Plan B" to raise the 5.8-billion-euro (about 7.5-billion U.S. dollars) contribution demanded by the European Union in return for a 10-billion-euro bailout from international lenders.
In the written statement made by Dijsselbloem, also the finance minister of the Netherlands, the Eurogroup also reaffirmed the importance of "fully guaranteeing deposits below 100.000 euros in the EU."
The Eurogroup also promised to "continue to stand ready to assist the Cypriot people in their reform efforts and stand ready to ensure the stability of the euro area as a whole."
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