ESM disburses €1 billion as part of the €3 billion tranche to Cyprus

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The European Stability Mechanism announced today it disbursed €1 billion as part of the first tranche to Cyprus totaling €3 billion in the context of a €10 billion bailout, agreed between Cyprus and its international lenders (ECB, EC and the IMF) last March.

The first part of the €3 billion tranche, amounting to €2 billion, was disbursed on May 13.

According to the ESM, the funds were used to cover Cyprus` financing needs and the extension of the maturity of Cypriot public debt.

Of the €10 billion bailout, the ESM will provide €9 billion, whereas the IMF will provide €1 billion.

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