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Eurogroup to discuss Cyprus economic program evaluation

17 February, 2014

The evaluation of Cyprus’ economic program will be among the issues to be discussed at Monday’s Eurogroup meeting.

Troika officials (EC, ECB, IMF) will brief Eurozone Ministers of Finance on the recent results of the third evaluation of Cyprus’ economic program. The evaluation is set to be approved during Eurogroup`s next meeting on the 10th of March.

“Cyprus’ program is on track and the results of the evaluation were better than expected”, a Eurogroup official said on Friday.

He also said that this is a very positive development, since it restores confidence in the system.

Cyprus has been in recession since Q2 2011. Faced with the collapse of its banking sector, Cyprus and the Troika agreed last March on a €10 billion bailout that featured an unprecedented haircut on deposits over €100,000, coupled with strict capital controls that hampered economic activity.

So far Cyprus has had three positive programme reviews and restrictions on transactions have been gradually eased.