ESM Authorizes Next Cypriot Aid Package

The allotment comes after the island gained a fourth quarterly review that came out very positive.  After Cyprus receives this aid package, it will have gained 5.35 billion from the ESM. The rest of the promised aid will be granted until 2016 in quarterly installments, totaling about 9 billion euros.

ESM Managing Director Klaus Regling explained, "Cyprus continues to make good progress in many fields, most notably in achieving fiscal targets and steadily moving out of recession. The successful completion of the review shows that the Cypriot authorities are strongly committed to the programme. Further efforts are necessary to successfully deal with remaining challenges, such as the removal of capital controls, reducing non-performing loans, generating sustained economic growth and reducing the level of unemployment", as reported by Parikiaki.