The Eurogroup agreed in principle to the disbursement of the next tranche to Cyprus - the ESM is scheduled to disburse € 600 million in the first half of July; and the IMF € 86 million. Meanwhile, Cyprus sold € 750m of five-year bonds in its first post-bailout auction.
The Eurogroup welcomed the Troika's conclusion following its fourth review mission that Cyprus's adjustment programme remains on track. Their statement read 'We are pleased with the continuation of the good fiscal performance recorded so far under the programme. We call on the authorities to lend further momentum to the implementation of the fiscal-structural and structural reform agenda, in order to improve economic growth prospects, while rendering the protection of vulnerable groups more equitable.'
Statement on Cyprus
While the FT reported the successful tapping of bond markets: Cyprus sold € 750m of five-year bonds in its first post-bailout auction last week at an interest rate of 4.85 per cent, currently the highest interest rate of any five-year sovereign bond in the eurozone.
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