During an Eurogroup meeting it has been decided that Cyprus will formally exit the bailout program at the end of the month. The economic adjustment program has been in place since 2013. Cyprus was one of the two last countries still in a bailout program, together with Greece which still has a program running. Cyprus only needed €7,5 out of the €10 provided billion. The early exit is remarkable as Cyprus had one of the toughest conditions, as both bond holders and deposit holders had to incur losses. Capital controls had been put in place as well initially, at the time unprecedented for an Eurozone member. An agreement was difficult to be found at the time, after the Parliament rejected a deal earlier, leading to a near-bankruptcy of the country and to speculation of a possible exit from the Eurozone. The decisions means more good news for Cyprus as there also seems to be pace in the unification process and Cyprus has positive economic prospects as well, with expected growth forecasts of 1,5% in 2016 and 2% in 2017.

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For more information on economic forecasts for Cyprus read here and here.