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Image header Agence Europe
Europe Daily Bulletin No. 11176
ECONOMY - FINANCE / (ae) cyprus

ESM loan - tranche will be paid when Nicosia has done its bit

Luxembourg, 14/10/2014 (Agence Europe) - The European Stability Mechanism (ESM) is standing by to pay out a tranche of financial aid once Cyprus has stuck to its side of the bargain, Klaus Regling, director general of the Eurozone rescue fund, said on 13 October after the meeting of the Eurogroup. He added that the exact sum would depend on the results of the asset quality review carried out by the ECB. The total ESM payment could be as high as €1.35 billion, he said. As the President of the Eurogroup, Jeroen Dijsselbloem of the Netherlands pointed out four bills that would affect this legal framework are currently being assessed by the Supreme Court of Cyprus, which is to take a position on 20 October. The euro working group of the Council of the EU will rubber-stamp the EMS payment once the 'troika' (Commission, ECB, IMF) has stated that all of the prior actions have been carried out. (EL)

 

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