Good news may be hard to find in Cyprus these days but president Nicos Anastasiades’ government went out of its way today to put a positive spin on the €10bn bailout programme it has finally wrapped up with the EU, ECB and IMF. Speaking to reporters, the government spokesman Christos Stylianides described the deal as being a great deal “better” that the draft agreement previously reached under the former president and veteran communist Demetris Christofias.

“This is a very important development which ends a very long period of uncertainty,” Stylianides said of the programme, negotiated with troika officials by outgoing finance minister Michalis Sarris. Under the deal, which must now be ratified by all 27 EU parliaments, Cyprus will be able to repay the €10bn loan at the much more competitive interest rate of between 2.5% and 2.7% rather than the 4.5% secured by the Christofias government for a €2.5bn loan from Russia.

In addition, said Stylianides, the agreement -- Sarris’ last act before leaving office – foresees the island’s fiscal adjustment period being prolonged by two years thus allowing more wiggle space for the government to reach a primary surplus by 2018.

With austerity the name of the game, the Troika have also insisted that all government officials – with the exception of the president and House speaker – be banned from flying business class when they make trips abroad (the restriction will be lifted on transatlantic flights).