The Eurogroup published a statement that welcomed the staff-level agreement that has been reached between Cyprus and the Troika institutions on the policy conditionality underlying the macroeconomic adjustment programme. Besides, the European Commission, ECB and IMF concluded the review mission to Greece which includes a staff-level agreement with the authorities on the economic and financial policies needed to ensure the program remains on track to achieve its objectives.

The Eurogroup welcomed the staff-level agreement that has been reached between Cyprus and the Troika institutions on the policy conditionality underlying the macroeconomic adjustment programme. The Eurogroup highlighted that the agreement is fully in line with the parameters and key objectives set by the Eurogroup on 25 March. It also considers that the necessary elements are now in place to launch the relevant national procedures required for the formal approval of the ESM financial assistance facility agreement for an amount of up to €10 billion, subject to IMF’s contribution.

With regard to state of play of the adjustment programmes in Ireland and in Portugal, both programmes are broadly on track despite challenging macro-economic circumstances, says a statement published by the Eurogroup and Ecofin Ministers. They also stressed that while at a somewhat different stage of their programmes, both countries have taken successful steps to re-enter the markets.

On the other hand, staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) have concluded their review mission to Greece. The mission has reached staff-level agreement with the authorities on the economic and financial policies needed to ensure the program remains on track to achieve its objectives.