articles | 10 December 2014

ESM releases €350 million tranche to Cyprus

Finance minister Harris Georgiades said the European Stability Mechanism (ESM) approved the disbursement of a €350 million tranche to Cyprus, after the international creditors froze Cyprus’s bailout three months ago.

“ESM positive on next loan disbursement of €350 million,” Georgiades said in his Twitter account adding “Cyprus programme is on track”.

International creditors suspended the Cyprus’s financing with bailout money after the parliament passed an unpopular legislation framework on foreclosures in September together with six other laws, which watered down its effectiveness. President Nicos Anastasiades vetoed two of the laws and referred the other four to the Supreme Court.

The parliament amended the vetoed laws and the Supreme Court ruled on October 31 that the referred laws were unconstitutional.

Source: Cyprus Mail

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