By Felix Nkambeh Tih
ANKARA
Eurozone finance ministers have approved the release of 350 million euros for the Greek Cypriot administration as part of a bailout package.
Jeroen Dijsselbloem, Eurogroup President, made the announcement in a statement released Thursday.
The Greek Cypriot administration had met the conditions for the release of a 10 billion euro bailout package in March 2013. The 350 million euros announced will be part of this 10 billion euros.
On March 15, the EU agreed to bail out Cyprus on the condition that it agreed to ‘bail in’ the creditors of its banks.
According to the statement, Eurozone ministers welcomed the administration’s progress towards establishing an effective legal framework for private debt restructuring.
The Eurogroup welcomed the progress the Greek Cypriot administration had made in putting in place an effective legal framework for private debt restructuring and that should now enable them to move forward with the process of concluding the fifth review, Dijsselbloem said.
Referring to the European Central Bank, he said: "We have also been reassured that the ECB has established the necessary operational capabilities to carry out the supervisory role it has assumed since November 4."
According to the Eurozone official website, Eurozone refers to those EU countries that have adopted the euro as their currency. It currently has 18 member states.
www.aa.com.tr/en
