ESM approves €100 million disbursement to Cyprus

The Board of Directors of the European Stability Mechanism (ESM) approves the disbursement of €100 million to Cyprus following the updated MoU.

It also comes after the positive assessment of the second quarterly review of Cyprus’s macroeconomic adjustment programme. The current disbursement will bring the total amount of ESM financial assistance for Cyprus to €4.6 billion. The remaining portion of the approximately €9 billion committed to Cyprus by the ESM is scheduled to be paid in quarterly disbursements by 2016.

Cyprus and the Troika (European Commission, European Central Bank and International Monetary Fund) agreed on March 25 on a €10 billion bailout, which included imposing losses on bank uninsured deposits as well as fiscal consolidation measures amounting to 7.2% of GDP by 2016.

Source: Financial Mirror

Cyprus Profile

articles | 19 December 2013