Bloomberg News

Eurogroup to Discuss Cyprus Aid Program at Dublin Meeting

March 28, 2013

The finance ministers of the 17- nation euro-area will discuss the aid program for Cyprus at the Eurogroup meeting in Dublin April 12 and 13, the Dutch Ministry of Finance said.

“The troika will return to Cyprus to fulfill the memorandum of understanding,” the ministry said in a statement today.“In the upcoming period Cyprus will, among others, have to restore the stability in the financial system, start to restructure the financial sector and work on the rest of the program, together with the troika.”

Cyprus on March 25 avoided a disorderly sovereign default and unprecedented exit from the euro by bowing to demands from creditors to shrink its banking system in exchange for 10 billion euros ($12.8 billion) of aid.

The Eurogroup discussions will include the loan program for Greece, the direct recapitalization of banks out of the European Stability Mechanism, and the outcome of the latest mission of the troika to Ireland to review payment of a new tranche out of the European Financial Stability Facility.

To contact the reporter on this story: Corina Ruhe in Amsterdam at cruhe@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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