The Economic Adjustment Programme for Cyprus – Fifth Review Summer 2014

Abstract:
Following a request by Cyprus on 25 June 2012, the European Commission, the European Central Bank and the International Monetary Fund 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 path of sustainable growth. 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 covers up to EUR 10 bn: EUR 9 bn from the ESM and EUR 1 bn from the IMF.
This report assesses Cyprus’ compliance with the terms and conditions of its programme over the summer of 2014.

European Commission: DG Economic and Financial Affairs: European Economy: Occasional Paper No. 209, December 2014: The Economic Adjustment Programme for Cyprus – Fifth Review Summer 2014 http://ec.europa.eu/economy_finance/publications/occasional_paper/2014/op209_en.htm

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