Cyprus passes possibly final bailout program review

Staff Writer
Columbus CEO

NICOSIA, Cyprus (AP) — Cyprus' finance minister says the eurozone country has passed what could be the final review of its 10 billion euro ($10.73 billion) bailout program.

Harris Georgiades said figures released Friday confirm that Cyprus' economy is on course to grow this year by around 1.5 percent after years of recession.

Georgiades said the country's economy has begun moving forward, but stressed there would be no let-up in the government's prudent spending policies and reforms.

He also hailed parliament's approval Thursday of a law permitting the sale of bad loans.

International creditors threw Cyprus a lifeline in March, 2013 that foresaw a grab of uninsured deposits in the country's two largest banks as well as the shuttering of the smaller lender.