ECONOMY

Cyprus on track to exit bailout program in March

cyprus-on-track-to-exit-bailout-program-in-march

Cyprus’s finance minister said the East Mediterranean island nation is on track to conclude its multi-billion-euro rescue program on time this March, 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 has been able to refrain from using 2 billion of the 9 billion euros 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 lenders, Bank of Cyprus and Cyprus Popular Bank, as well as the shuttering of latter, the smaller of the two.

Georgiades said Cyprus won’t need a conditional credit line once the program wraps up, saying, “We can take it from here.”

[AP]