ECOFIN approves Commission’s opinion on Cyprus’ stability program

The EU Economic and Financial Affairs Council approved Tuesday the opinion and recommendations of the European Commission regarding Cyprus’ stability program.

Cyprus was represented at the ECOFIN Council by its Minister of Finance Charilaos Stavrakis, who Monday participated in the Meeting of the Finance Ministers of the Eurozone, (EUROGROUP).

The ECOFIN prepared the European Council meeting to be held June 17th and adopted relevant conclusions and adopted a draft conclusion plan for the Europe 2020 Strategy.

They also approved the Commission’s recommendation for Estonia’s accession to the Eurozone on January 1st 2011. The final decision will be taken at the European Council, on June 17th.

The Eurozone Finance Ministers signed Monday the financial stability mechanism that was designed a month ago in order to help those countries in danger of insolvency. It could mean the mobilisation of up to 750,000 million euros.