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The Eurogroup approved the release of a €3bn tranche of aid to Cyprus at a meeting on May 13, of which €2bn was transferred on the same day. The third billion is to be delivered in June in the form of Treasury bills. The transfers are part of a €10bn bailout package, which was agreed in March.
In exchange for the release of funds, Phileleftheros reports that the Eurozone finance ministers have “demanded that Nicosia and the EU-ECB-IMF troika establish an action plan on the thorny issue” of money laundering. They are also insisting on the “rapid application of the adjustment programme” agreed by the Cypriot government with its creditors.
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