Path cleared for Cyprus bailout

Eurogroup head Jeroen Dijsselbloem and European Commission Vice President Olli Rehn confirmed at a press conference after Monday’s Eurogroup meeting that the eurozone finance ministers had decided to proceed with the inspection of the Cypriot credit system for signs of money laundering, but under the monitoring of the Central Bank of Cyprus.

This clears the way for an agreement on a bailout for Nicosia, expected to be ratified later this month.

Dijsselbloem also welcomed new Cyprus President Nikos Anastasiades’s resolve to cooperate closely with his country’s partners regarding the terms of the bailout agreement, while Rehn spoke of an acceleration in procedures toward a program that will aim at credit stability, debt sustainability and the reduction of funding requirements.