Eurogroup President Jeroen Dijsselbloem has expressed his full satisfaction over the course of the implementation of Cyprus’ Economic Adjustment Programme.
In a statement after Eurogroup’s meeting on Thursday, Dijsselbloem said that “on Cyprus, we took stock of the main results of the second review mission to Nicosia that ended last week.”
“Overall, the programme seems well on track and all fiscal targets were met with comfortable margins. In addition, we were glad to hear that significant progress has been made towards recapitalisation and restructuring of the financial sector of Cyprus,” he noted.
Managing Director of the European Stability Mechanism Klaus Regling said that after the completion of the assessment has opened the way for the disbursement to Cyprus of 100 million Euros, in the framework of the programme.
The money will be sent by the end of the year, after the relevant decision is taken by the ESM Board.
Excluded from the international markets, Cyprus applied for financial assistance to cover its fiscal needs and to rescue its two largest bank hit severely by deteriorating assets amid the financial crisis and by the Greek sovereign debt haircut. The Cypriot authorities and the Troika (EC, ECB and the IMF) agreed last March on a €10 billion bailout, featuring haircut of uninsured deposits
