CYPRUS: Euro zone approves next bailout tranche

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Finance MInister Harris Georgiades has briefed Eurogroup on the latest developments in Cyprus and opened the way for the latest trance of bailout cash to be disbursed.

It is understood the transaction will be completed in the first ten days of December.

"The Eurogroup confirmed the important progress we have achieved in the effort for reform and economic recovery, Georgiades said.

The European Union  and the International Monetary Fund  reached a deal in March 2013 to extend 10 billion euros in aid to Cyprus.

The EU and IMF withheld about 435 million euros in a new tranche of aid amid legal challenges to the bill allowing mortgage lenders to quickly repossess properties in default.

The Supreme Court in Nicosia ruled last week that the clauses attaching additional conditions on foreclosures were illegal.

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