Proposal for a Council Implementing Decision amending Implementing Decision 2013/463/EU on approving the macroeconomic adjustment programme for Cyprus

On 25 June 2012 Cyprus submitted a request for financial assistance from the European Stability Mechanism (ESM). On 25 April 2013 the Council decided (Council Decision 2013/236/EU) that Cyprus shall rigorously implement a macroeconomic adjustment programme, which shall address the specific risks emanating from Cyprus for the financial stability of the euro area and shall aim to rapidly re-establish a sound and sustainable economic and financial situation in Cyprus. Following the entry into force of Regulation (EU) No 472/2013, Council Decision 2013/236/EU was replaced by Implementing Decision 2013/463/EU.

On 24 April 2013 the ESM Board of Governors decided to grant, in principle, stability support to Cyprus and approved the Memorandum of Understanding on Specific Economic Policy Conditionality (hereinafter referred to as the "MoU") and its signing by the Commission on behalf of the ESM. On 8 May 2013 the ESM Board of Directors approved the financial assistance facility agreement. The 3-year programme covers the period from mid-2013 to 31 March 2016.

• Primary Source

EUR-Lex: COM(2015)237: Follow the progress of this proposal through the decision-making procedure http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2015:237:FIN

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