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Eurogroup gives the green light to Greek and Cypriot bailouts

FXstreet.com (Barcelona) - Eurozone finance ministers, who met on Monday in Brussels, approved the release of the next installment of the Greek bailout. Cyprus was granted the first tranche of its bailout by the Board of Directors of the European Stability Mechanism.

The Eurogroup gave the green light to an immediate release of 4.3 billion euros of aid for Greece. The rest, amounting to 3.3 billion euros, would be handed over to Athens by the end of June, “linked to the implementation of the MoU milestones as agreed between Greece and the Troika”, as Eurogroup chief Jeroen Dijsselbloem announced.

Nicosia received the first, 2 billion euro payment immediately. The remaining sub-tranche of 1 billion euros will be released in June. Klaus Regling, Managing Director of the ESM said that this move would help maintain financial stability in the Eurozone and give Cyprus time “to undertake the reforms necessary to rebuild its economy on a sustainable basis.”

The Eurozone finance ministers also discussed the situation in Slovenia and its efforts to avoid asking for rescue funds. Jeroen Dijsselbloem urged the country to act quickly in order to restore confidence in its banking system.

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