150 million euro bailout for Greek Cypriot administration

Eurozone finance ministers give green light to release 150 million euros for the Greek Cypriot administration.

Eurozone finance ministers give green light to release 150 million euros for the Greek Cypriot administration.

BRUSSELS - Eurozone finance ministers have given the green light to release 150 million euros (US$208 million) in bailout funds for the Greek Cypriot administration.

According to Eurogroup’s statement, it is scheduled to distribute the money by the beginning of April.  

The ministers noted in a joint statement that the administration had complied with conditions set by its international creditors. “The administration needs to continue fiscal disciplines and on creating conditions for sustainable growth.”

The statement also said, “the International Monetary Fund Executive Board is expected to decide on the disbursement of 86 million euros to the administration.”

Meanwhile, Eurogroup`s finance ministers also urged Greece to conclude its talks with its international lenders for a 4.9 billion euro loan form the E.U. and a 1.9 billion euro loan from the International Monetary Fund as early as this week.

Greece has signed two bailout agreements worth 240 billion euros in loans and has received around 220 billion euros in aid since 2010. Greece can access the rest of the bailout on the condition that they implement the reforms requested by their lenders. 

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