Cyprus aims to avoid Greek-style recession, Christofias says

Cyprus wants to avoid a painful recession like Greece is going through as it continues talks with the European Union and International Monetary Fund on bailout terms, President Demetris Christofias said.

?You?ve already lived through it but we don?t want to live through the same,? Christofias said at a meeting with Greek President Karolos Papoulias in Athens on Tuesday, according to an e- mailed transcript.

Christofias?s comment came after Papoulias asked about the Cypriot economy and a reporter noted that Greece had already gone through bailout procedures. ?Clearly we have problems too,? Christofias said.

Cyprus on June 25 became the fifth of the euro area?s 17 member states to seek external aid. The so-called troika of officials from the EU, European Central Bank and International Monetary Fund is expected to return to the Mediterranean island this month to continue talks on a bailout.

Greece in May 2010 became the first euro-area country to request a bailout. The terms and conditions accompanying the aid have in part contributed to a fifth year of recession.

[Bloomberg]