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Slideshow Download our Wider Image iPad app Images of September Follow Reuters Facebook Twitter RSS YouTube Read Massive Hurricane Sandy bears down on East Coast | 4:42pm EDT Hurricane Sandy slogs toward U.S., 41 killed in Caribbean | 26 Oct 2012 Up to 40 percent may vote early in election: Obama ahead 2:21pm EDT Presidential race still virtually even: Reuters/Ipsos poll 12:12pm EDT Obama, Romney line up elite lawyers for potential election disputes 1:04am EDT Discussed 537 White House told of militant claim two hours after Libya attack: emails 156 After final debate, Obama says election comes down to trust 129 Trump to give $5 million to charity if Obama releases records Sponsored Links Cyprus "very close" to deal with troika: finmin in paper Tweet Share this Email Print Related News Greece says it has been given more time on austerity Wed, Oct 24 2012 Clashes erupt at Greek anti-austerity protests Thu, Oct 18 2012 Greece's lenders say near austerity deal for fresh aid Wed, Oct 17 2012 Cyprus expects swift start to bailout talks Wed, Oct 17 2012 Euro flat vs. dollar, awaiting word that Spain seeks help Mon, Oct 15 2012 Analysis & Opinion Greek tragedy turns epic Enter the dragon Related Topics World » Sat Oct 27, 2012 2:15pm EDT (Reuters) - Cyprus is close to an agreement on financial aid from international creditors, with only a few issues outstanding, its finance minister said in an interview. Finance Minister Vassos Shiarly, in talks with a collective of lenders from the International Monetary Fund, the European Union and the European Central Bank, known as the Troika, told the Cyprus edition of Kathimerini newspaper there were "four or five" issues pending, which concerned matters of principle. "We are very close. We believe the differences which remain with the Troika can be bridged ... there are a small number of issues to clarify, but the largest part of our differences have already been clarified," Shiarly told the paper in an interview for Kathimerini's Sunday edition, made available to Reuters. He declined to specify what those disagreements were. Cyprus sought financial aid from its EU partners and the IMF in June when a write-down of Greek debt sparked substantial losses at its two largest commercial banks. Its financial sector's exposure to Greece and fiscal slippage shut Cyprus out of capital markets 18 months ago. The island, one of the smallest in the euro zone, has said it is keen on a deal with creditors by next month, hoping to have an agreement ready by a euro zone ministers' meeting on November 12 in Brussels. There is mounting speculation that without a deal Cyprus could face a cash crunch by the end of the year. "It is exceptionally important to have something in place by Nov 12," Shiarly said. "Otherwise, things will get more difficult and we will have to then try even harder to handle the period which will follow." Last week Cyprus presented its own austerity program to lenders, envisaging savings of up to 3.9 billion euros until 2016. Cypriots have proposed staggered wage cuts in the public sector ranging from 6.5 to 12.5 percent and resisted calls for changes to wage indexation, or selling off profitable state-owned assets. The troika has called for an across-the-board wage cut of 15 percent. Cypriot banks suffered a loss of some 4.0 billion euros from Greece's debt writedown, a figure which represents 25 percent of the island's 17 billion gross domestic product. Its total bailout needs are still unclear, though they are anticipated to exceed 10 billion euros, or about 60 percent of its GDP. That figure would include a bailout for banks, and for the island's fiscal requirements. Asked whether Cyprus could conceivably require further action from the troika in the future, Shiarly said: "The impression we have is that the memorandum we will sign with the troika will be adequate to resolve Cyprus's problem. "There will naturally be a review of progress every three months, but it is not anticipated that a second memorandum will be required." (Writing by Michele Kambas; Editing by Helen Massy-Beresford) World Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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