House Plenary approves the financial aid to Greece
Nicosia, Apr 29 – The Plenary of the House of Representatives approved a bill on April 29 granting financial aid of 60.6 million euro to Greece.
The bill, which was declared urgent, was first examined by the Parliamentary Committee on Financial and Budgetary Affairs at the presence of Finance Minister Charilaos Stavrakis and the Director General of the Ministry.
During the afternoon session of the Plenary, Minister Stavrakis and Members of the House noted that financial aid from Cyprus to Greece may increase, if the final amount of the aid from the eurozone changes.
The leaders of the EU member states of the eurozone decided on March 25, 2010, to take effective and coordinated measures to protect the financial stability of the eurozone. The support will be given to Greece in the form of coordinated bilateral loans, which will be gathered by the European Commission and will be converted to a unified loan that will be given to Greece.
Cyprus’ contribution is estimated at 60.6 million euro with the overall aid from the eurozone States to be around 30 billion euro. The fixed interest of the three-year loan will be around 5%.
According to the report of the Finance Parliamentary Committee, the Finance Minister stated that the details of the final plan for the financial support to Greece by the Eurozone member states have not yet been confirmed.