Finance minister Harris Georgiades said that he has no ambition of running for president or a seat in parliament after helping Cyprus complete its adjustment programme
and restoring market access.
The ESM board in Luxembourg said that the payment "follows the positive assessment of the sixth quarterly review of Cyprus's macroeconomic adjustment programme
and approval of the supplemental Memorandum of Understanding with Cyprus by the ESM Board of Governors.
The Governing Council also decided to disclose a further three letters that were part of correspondence between the ECB and the Irish authorities in the run-up to the official application of Ireland for support under an EU/IMF adjustment programme
The payments are made in installments after the review of Cyprus economic adjustment programme
by the EU and IMF.
The introduction of the economic adjustment programme
in April 2013, which involves the downsizing and restructuring of the banking sector, will have an effect on day-to-day business transactions and could threaten the viability of many firms and further reduce confidence.
The strong commitment of the Portuguese authorities to ensure that the implementation of the economic adjustment programme
remains on track is very important," commission spokesman Simon O'Connor told journalists in Brussels.
reflecting the economic and financial adjustment programme
for Cyprus' and 'considers this programme to be appropriate.
Good progress has been made to bring the adjustment programme
back on track.
Time is running out for Greek politicians to reach agreement on backing an economic adjustment programme
to deal with its debt crisis, the European Commission's top economics official said.
It added: "Ireland is continuing to undertake a comprehensive and vital adjustment programme
to reduce its macroeconomic imbalances and restore its banking system to health.
Ebru Voyvoda and Erinc Yeldan investigate the impact of a recent IMF fiscal adjustment programme
on growth and welfare in Turkey.
The government has taken austerity measures since 1994 in a bid to reform the economy, under an IMF-guided structural adjustment programme