The Cypriot Parliament passed the loan agreement with 29 votes in favor and 27 votes against.

The total aid for Cyprus amounts to  10 bn euro, of which 2,5 billion  for the recap of the banking system, 4,1 bn euro for the public debt and 3,4bn for fiscal needs. The first installment, amounting  2 bn euro is due to be disbursed in mid-May and the 2nd (1 bn euro) at the end of June.

The Cypriot Government welcomes the decision by the House of Representatives to approve the loan agreement.

Government Spokesman, Mr Christos Stylianides, stated that «the responsible decision taken by the majority of the House of Representatives constitutes a milestone in the effort of Cyprus to address the unprecedented economic crisis that beleaguers the country.

It would have been a paradox if European Parliaments were to approve the loan of 10 billion euro to Cyprus and for the Parliament of a country whose coffers are empty to reject it without having a realistic alternative plan before it.

The Government will dedicate itself to the implementation of the Memorandum, and the country’s continuing presence in the EU and the euro zone. In this effort, we want to have with us the entire political leadership, both those who voted in favor of the loan agreement and those who voted against it because Cyprus’ salvation stands above everything else».