The economic adjustment programme for Cyprus

Following a request by Cyprus on 25 June 2012, the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF) finally agreed an Economic Adjustment Programme with the Cypriot authorities on 2 April 2013.

The Programme aims to address the financial, fiscal and structural challenges facing the economy in a decisive manner and should allow Cyprus to return to a sustainable growth path. The Programme was agreed by the euro-area Member States on 24 April 2013 and by the IMF Board on 15 May 2013. It covers the period 2013-2016. The financial package will cover up to EUR 10 billion, including EUR 1 billion from the IMF This report provides background to the programme and builds on the documents agreed with the Cypriot authorities.

• Primary Source

ESO: Background information: Proposal for a Council Implementing Decision on approving the macroeconomic adjustment programme for Cyprus and repealing Council Decision 2013/236/EU http://www.europeansources.info/record/proposal-for-a-council-implementing-decision-on-approving-the-macroeconomic-adjustment-programme-for-cyprus-and-repealingcouncil-decision-2013-236-eu/

ESO: Background information: Memo: Statement by the European Commission and the IMF on Cyprus http://www.europeansources.info/record/memo-statement-by-the-european-commission-and-the-imf-on-cyprus/

ESO: Background information: Cyprus leader Anastasiades attacks bank bailout terms http://www.europeansources.info/record/cyprus-leader-anastasiades-attacks-bank-bailout-terms/

ESO: Background Information: Capital flight continues as savers flee Cyprus banks http://www.europeansources.info/record/capital-flight-continues-as-savers-flee-cyprus-banks/

ESO: Background Information: Leaked report damns Cyprus on money laundering http://www.europeansources.info/record/leaked-report-damns-cyprus-on-money-laundering/

ESO: Background Information: Speech: Economic Dialogue on financial assistance to Cyprus http://www.europeansources.info/record/speech-economic-dialogue-on-financial-assistance-to-cyprus/

ESO: Background Information: Parliament in Cyprus passes international bailout deal http://www.europeansources.info/record/parliament-in-cyprus-passes-international-bailout-deal/

ESO: Background information: Bundestag approves Cyprus bailout http://www.europeansources.info/record/bundestag-approves-cyprus-bailout/

ESO: Background information: The Economic Adjustment Programme for Cyprus – First Review - Summer 2013 http://www.europeansources.info/record/the-economic-adjustment-programme-for-cyprus-first-review-summer-2013/

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