Cyprus receives first instalment of EU-IMF bailout funds
May 14 , 2013
Cyprus received the first tranche of a $13 billion bailout package from the European Union and the International Monetary Fund on Monday.
Cyprus received $2.6 billion in loans, according to the European Stability Mechanism.
The money is to be used for debt service and fiscal consolidation.
As part of the deal, goals on the restructuring of banks and the gradual easing of restrictions on capital movement within the Mediterranean island nation must be met.
A further $1.3 billion will be transferred before the end of June.
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