Speaking today at a National Bank of Greece event, its new governor Yiannis Stournaras claimed that the nation's economic recovery is not maintainable without new loans, as reported by ANA-MPA.

On Monday, the European Stability Mechanism's Board of Directors authorized a 600 million euro aid package to Cyprus, according to international reports.

Cyprus is devising a benchmark public debt purchasing; if it succeeds the act would result in the swiftest reentry into the bond market by a state after a monetary rescue.