The Board of Directors of the European Stability Mechanism (ESM) approved on December 18 the disbursement of €100 million to Cyprus.
This follows the approval of the updated Memorandum of Understanding (MoU) by the ESM Board of Governors and a positive assessment of the second quarterly review of Cyprus’ macroeconomic adjustment program.
This will bring the total ESM assistance for Cyprus so far to €4.6 billion. The remaining installments of approximately €9 billion committed to Cyprus by the ESM will be paid in quarterly disbursements by 2016.
Cyprus and the Troika (European Commission, European Central Bank and International Monetary Fund) agreed on March 25, on a €10 billion bailout, which included imposing losses on bank uninsured deposits as well as fiscal consolidation amounting to 7.2% of GDP by 2016.
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