Eurozone approves bailout for Greek Cypriots

Eurozone Economy Ministers approved on Monday the new bailout for the Greek Cypriot administration. In a statement released following the meeting of Eurozone economy ministers, it has been decided that the Eurozone bailout fund of European Stability Mechanism would pay a further 100 million euros to the Greek Cypriot administration. The IMF is also expected to release a 86 million euros of bailout for the Greek Cypriot administration.