Eurogroup ministers congratulated Greece on Monday for its signs of economic recovery, as Athens is expected to return to growth in 2014. Euro zone governments hold more than 80% of Greece’s €319 billion public debt.
Cyprus clinched a last-ditch deal with international lenders early today (25 March) to shut down its second largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians, in return for a €10-billion bailout.
Eurozone's new permanent rescue fund was launched on Monday at a meeting of finance ministers in Luxembourg. Funded by taxpayers' money, the so-called European Stability Mechanism will have a 500 bn euro budget to help finance debt-ridden countries.