The Eurogroup welcomed in a statement the achievement of the Memorandum of Understanding (MoU) milestone for February, agreed between Greece and the Troika. The Eurogroup also welcomed the disbursement by the EFSF of €2.8 billion under the second economic adjustment programme. With regard to Cyprus, with the new government now in place in Cyprus, the Eurogroup is confident that a swift conclusion of the negotiations towards a Memorandum of Understanding can be reached.

In a statement published on 4 March, the Eurogroup noted with satisfaction that the MoU milestone for February, agreed between Greece and the Troika, has been achieved. In particular, the medium term fiscal strategy has been updated, introducing 3-year expenditure ceilings for line-ministries and the health sector. Against this background, the Eurogroup welcomes the disbursement by the EFSF of €2.8 billion under the second economic adjustment programme that has taken place on that basis. In January 2013, the Eurogroup also welcomed the achievements made by Greece in the income tax reform.

With regard to Cyprus, the Eurogroup reiterated its readiness to assist Cyprus in its adjustment effort, including of its banking sector, in order to bring the economy to a sustainable growth path with sound public finances and to safeguard financial stability. The Eurogroup has been informed that the preparatory work for concluding a Memorandum of Understanding is advanced and that the new government has agreed on an independent evaluation of the implementation of the anti-money laundering framework in Cypriot financial institutions.

In addition, leaders of the euro countries called on the international institutions and Cyprus to accelerate their work on the building blocks of a programme, and agreed to target political endorsement of the programme around the second half of March.