ESM to ratify Cyprus’ next tranche

The European Stability Mechanism (ESM) is expected to ratify the disbursement of the €350 million sixth tranche of Cyprus' bailout programme, at the next Eurogroup in Brussels.

Finance Minister Harris Georgiades is participating in the meeting.

According to CNA sources, the disbursement of the next tranche of €350 million to Cyprus from the ESM will be ratified, while an additional €86 million is expected to be disbursed by the IMF.

Georgiades said that receiving the tranche was important in view ofthe large payment of salaries by the end of the year.

Monday’s Eurogroup meeting is also considered crucial for Greece, since EU finance ministers are expected to decide an extension of the country`s bailout programme by six months.

The bailout extension is considered necessary by the country’s lenders in order to secure the proclaimed preventive credit line after the bailout ends and return to market financing.

Source: Cyprus Mail