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FXstreet.com (Barcelona) - European Economic and Monetary Affairs Commissioner Olli Rehn spoke on Friday at the European Policy Centre in Brussels on the situation in Cyprus, which is negotiating its aid package terms with the EU. He declared that an agreement would be reached "in due course."

Talks on the bailout have stalled this week after Germany expressed its concerns with the possibility that Cypriot banks might have been laundering money coming from tax crimes. Rehn addressed the issue by saying that Cyprus has already passed several laws against such dealings and that it now needs to implement them. "Moreover, it is important that Cyprus reforms its financial sector in line with European principles," he added.

In an interview published by the German newspaper Handelsblatt on Friday Commissioner Olli Rehn also assured that there would be no debt restructuring for the country.

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