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Cyprus receives 1st bailout payment: Examiner

14.05.2013 13:46

Cyprus receives 1st bailout payment: Examiner

YEREVAN, May 14. /ARKA/. Cyprus's first aid payment has been officially approved by the European Stability Mechanism, the unit responsible for providing funding for euro-area bailouts.
The Board of Directors of the European Stability Mechanism (ESM) announced in the last few minutes that they have approved the Financial Assistance Facility Agreement for Cyprus.

The ESM is now transferring €2billion to Nicosia immediately, with another €1bn due by the end of June. Klaus Regling, managing director of the ESM, announced: "The loans granted by the ESM help to maintain financial stability in the euro area and buy time for Cyprus".
This time enables Cyprus to undertake the reforms necessary to rebuild its economy on a sustainable basis.The ESM's decision means there's no danger of Cyprus running out of funding in the short term. It is due to receive a total of €10billon of external loans by early 2016, under the bailout deal agreed in March.

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