EU, Cyprus successfully exits its aid program

Financial assistance terminated, 7.3 bln since 2013

31 March, 12:19

    (ANSAmed) - BRUSSELS, MARCH 31 - Cyprus has ''successfully'' exited its three-year financial aid program, according to the European Stability Mechanism (ESM) fund. The fund has contributed with 6.3 billion euros, in addition to the billion in loans provided by the IMF, out of the total 10 billion of the bailout. But Cyprus did not need the remaining 2.7 billion.

    ESM director Klaus Regling congratulated Cyprus on its success in re-establishing growth and repairing public accounts sooner than expected. The financial sector, the main element of the crisis, was restructured, recapitalized and resized, he said. The country has recovered confidence in investors and returned on the market, concluded Regling. The program started in April 2013. (ANSAmed).

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