Cyprus on track to exit rescue program in March
PUBLISHED: 17:41 GMT, 25 January 2016 | UPDATED: 17:41 GMT, 25 January 2016
NICOSIA, Cyprus (AP) — Cyprus’ finance minister says the east Mediterranean island nation is on track to conclude its multibillion euro rescue program on time this March, almost exactly three years after receiving the lifeline.
Harris Georgiades told the European Parliament’s Economic and Monetary Affairs Committee on Monday that strict adherence to fiscal and other reforms has meant that Cyprus hasn’t used up more than 2 billion of the 9 billion euros (currently $9.7 billion) that its eurozone partners had made available under the March, 2013 bailout deal.
That deal foresaw a grab of uninsured deposits in the country’s two largest banks as well as the shuttering of the smaller lender.
Georgiades said Cyprus won’t need a conditional credit line once the program wraps up, saying “we can take it from here.”