Question about providing next loans to Cyprus will be decided in September

 The Republic of Cyprus has already received financial support in the amount of 1 billion Euros from the budget of the European Stability Mechanism. The total amount of financial help to Cyprus is 3 billion euros.

 Financial assistance is based on a memorandum of Cyprus, which was sighed by the country and it’s creditors. We should remind you, that three creditors of Cyprus are: the European Union, the European Central Bank and the International Monetary Fund. According to the signed memorandum, the following financial support will be provided to Cyprus only after revision of state economy, the state budget, as well as the changes that have occurred on the part of the creditors. Also, we should mention, that the banking system of Cyprus is the special subject of the revision.

 The first results of the revision of Cyprus economy are expected in the end of August. Based on the results of this test, on the 13 of September in Lithuania, the Eurogroup will decide the question about next loans to Cyprus. 

Based on: http://www.ecb.int/

 Today no one can argue that situation on Cyprus is OK, and you can work there as usual. No confidence in the banks. No one even speaks about the banks, although only two banks has problems and all the rest are fine. Ratings of the country don’t rise.

 However, the Cypriots themselves did not panic or pessimism. These powerful people are sure that their former glory will come back to the island. We can only hope that all loans are now really helps the country