‘Eurogroup to dig deep again’

Published on 13 May 2013 at 09:02

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Meeting in Brussels on May 13, Eurozone finance ministers are expected to approve the first tranche of €3bn in aid for Cyprus. “Two billion euros will be transferred in mid-May, and a third billion at the end of June,” reports Politis.

The newspaper points out that of the €10bn stipulated in the memorandum of agreement with the EU-ECB-IMF troika of international creditors, “€9bn will be provided by the European Stability Mechanism and €1bn by the International Monetary Fund,” and adds that the IMF contribution “will have to be discussed and approved on May 15.”

“Eurogroup will also examine a report on money laundering in Cyprus,” reports the daily, which notes that —

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… Finland and Slovakia have demanded that transfer of the tranche be subject to additional conditions focusing on laundering by Cypriot banks.

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