ECONOMY

Cypriot finance minister welcomes Eurogroup green light on bailout, waits for OK from member states

Cyprus Finance Minister Haris Georgiades has hailed the Eurogroup’s decision on Friday to approve a 10-billion-euro bailout for Cyprus as a «significant development» for the country.

“The political approval of the program without any alterations or additional demands sends a strong stabilizing message and a message that the efforts of Cyprus and its citizens are being recognized,» he said in a statment.

“We look forward to member states approving the agreement so the first installment can be disbursed in the first half of May.”

Georgiades also welcomed comments from the European Commission displaying willingness to provide «technical and financial» assistance following a request from President Nicos Anastasiades.