[November 08, 2013]NICOSIA, Cyprus (AP)
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Cyprus' finance minister says that international creditors' second review of the country's bailout program has found that the required reforms are on track.
Harris Georgiades told reporters Thursday that all Cypriot banks have adequately replenished their capital buffers and their restructuring is moving ahead, public finances are meeting set targets and reforms are proceeding normally.
He said the government remains committed to fully implementing the bailout's terms and that no new measures are needed to meet fiscal targets.
A March bailout deal with other eurozone countries and the International Monetary Fund gutted Cyprus' banking sector. In exchange for a 10 billion-euro ($13.5 billion) loan, uninsured savers in the country's two biggest banks were forced to take major losses. Authorities imposed capital controls to prevent a run.
Harris Georgiades told reporters Thursday that all Cypriot banks have adequately replenished their capital buffers and their restructuring is moving ahead, public finances are meeting set targets and reforms are proceeding normally.