articles | 15 November 2013

Dijsselbloem happy with Cyprus banks’ recap process

Eurogroup President Jeroen Dijsselbloem has expressed his full satisfaction over the course of the implementation of the Cyprus Economic Adjustment Programme, as presented in the progress report of the Troika of international lenders.

In a statement after the Eurogroup meeting on Thursday, Dijsselbloem said that “on Cyprus, we took stock of the main results of the second review mission to Nicosia.” “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.

Klaus Regling, Managing Director of the European Stability Mechanism, said that after the completion of the assessment has opened the way for the disbursement to Cyprus of €100 mln, 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.

Source: Financial Mirror

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