While the Eurogroup is ready to send the next tranche of financial assistance to Cyprus, an investigation, led by the Cypriot Attorney General, is searching for those responsible for the collapse of the island’s banking system and economy.
The finance ministers of the euro zone endorsed the disbursement of the next tranche of financial assistance to Cyprus, worth 100 million euro. The formal decision will be taken on December 18 by the European Stability Mechanism. On December 20, the IMF Executive Board is scheduled to decide on the disbursement of 86 million euro.
Meanwhile, Cyprus Attorney–General Costas Clerides says in a written statement that a number of individuals, companies, and organisations contributed to the collapse of the banking system and the economy.
For the full story, please click here.
(Photo: Melissa Wall/flickr.com)