IMF Approves Latest Cyprus Bailout

July 2, 2014 Share Print 0

The International Monetary Fund’s board on Monday confirmed Cyprus was on track with the conditions of its bailout program, enabling the immediate disbursement of 84 million euros ($114 million).

The bailout, which totals nine billion euros from the IMF and the European Union over three years, is meant to stabilize Cyprus’s financial system and help its economy recover. The IMF board also said it modified one of the fiscal performance criteria that Cyprus was supposed to meet by the end of June, without specifying further.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.