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IMF Authorizes Cypriot Bailout

The International Monetary Fund has authorized an additional 126 million euros to Cyprus.

The IMF confirmed that the nation's reform path has remained "a success." In total, the island has received an approximated 882 million euros, while an additional 9 billion euros is being granted by the European Union's bailout revenues.

The IMF's Deputy Managing Director Mitsuhiro Furusawa confirmed that the Cypriot economy has performed much better than was predicted, in the first six months of 2015.

However, Furusawa cautioned that additional endeavors need to occur, concerning poor quality loans, spending, and the acceleration of privatizations.

(Source: AP)