06/02/2020 (Agence Europe) – As it did for Greece (see EUROPE 12358/7), the European Stability Mechanism (ESM) agreed, on Thursday 6 February, to lift the obligation for Cyprus to repay the euro area's permanent rescue fund as quickly as the IMF. This measure allows Nicosia not to make a rapid repayment of €6.3 billion. The discussion on an early repayment of the loans granted to Cyprus by the ESM will take place in 2021 or 2022. The Executive Director of the ESM, Klaus Regling, said that early repayment of the IMF debt will allow Cyprus to increase the sustainability of its debt by borrowing at lower rates and with longer maturities. In total, the ESM lent €6.3 billion to Cyprus when the country was the object of a financial rescue package. (MB)