Cyprus gets first aid payment as euro finance ministers meet

Cyprus has received its first euro-area aid payment of €2 billion, the European Stability Mechanism (ESM) said.

13th May, 2013
Cyprus dodged a disorderly default and unprecedented exit from the euro currency in March.

Cyprus has received its first euro-area aid payment of €2 billion, the European Stability Mechanism (ESM) said.

The island nation, which will get as much as €1 billion more in June, dodged a disorderly default and unprecedented exit from the euro currency in March by bowing to demands to shrink its banking system in exchange for a €10 billion bailout.

Cypriot President Nicos Anastasiades agreed to shut the country’s second-largest bank under pressure from a...

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