Cyprus to receive credit of €10bn for 20 years

Cyprus will receive a credit of 10 billion euros for 20 years with the deferral of payments for 10 years at 2.5–2.7% per annum, the Sigma television channel reported on Tuesday. This decision was taken after the Cypriot government had completed the negotiations with the troika of international creditors (the European Commission, the European Central Bank and the International Monetary Fund) on a memorandum for the anti-crisis aid. The first tranche of the credit is expected in May, after that the tranches of the credit will be made to Cyprus each three months until 2016. The deadline for the island republic to reach a budget surplus before 2018 is delayed in the memorandum. Under the agreement the troika of international creditors will check the revenues and expenditures of the Cypriot budget each three months.