Press Release: Commission assesses Cypriot stability programme

On 12 May 2010 the European Commission examined the updated stability programme 1 of Cyprus, which was submitted to the Commission on 13 April 2010. This follows the Commission's previous assessments of the stability and convergence programmes of 25 Member States on 17 March (see IP/10/288), 24 March (see IP/10/346) and 14 April (see IP/10/422). The evaluation takes place against the background of the economic and financial crisis which has led to a sharp deterioration of public finances since 2009 and triggered the opening of the Excessive Deficit Procedure (EDP) for a large majority of Member States