The majority of the Parliament members have made an appeal for the inclusion of Cyprus in the list of the poor EU countries. The legislature is urging the country's president to ask the European Commission to consider Cyprus as one of the poorest regions in the European Union. Angelos Votsis, a Democratic Party representative, thinks that now is the right time for seeking an extra support due to the deteriorating economic situation in the country. Hence, if Cyprus manages to reach an agreement and gets in the list, this Mediterranean state can enlist the financial aid of the numerous EU funds. In 2012, the country had already applied for money assistance to stabilize the state of affairs of the banks, which suffered from the decline in the value of the Greek government bonds. Brussels will allocate €10 billion on condition that Cyprus finds €5-7 billion on its own. The Cypriots are intending to receive the needed sum at the expense of financial sector reconstruction. However, even these measures will not be enough to maintain the gross domestic product growth, because the analysts are expecting a fall of about 10-15%.
The European Commission determined a series of requirements to be met by troubled countries in 2004. The main arguments of Cyprus are the sustainable development and the stable GDP statistics.