Friday saw the shared currency of the European Union drop against the world's reserve currency as finance ministers with euro zone nations convened in Dublin to discuss three emergency aid recipients, Bloomberg reports.
Ireland, Portugal and Cyprus will be the focus of discussion in the Irish capital. President Nicos Anastasiades of Cyprus, whose bailout aid was awarded last month, is believed to be in pursuit of an earlier disbursal of funds than stated in the Memorandum of Understanding.
"The letter from President Anastasiades has nothing to do with asking for more money than the sum agreed in the MoU," spokesman Michalis Koumides said on Friday, according to Reuters. "It is about a request for more support and financial assistance from our EU partners in the middle-term because of the financial and economic situation Cyprus is facing. For example, it asks about finding ways to use EU structural funds in better ways to help Cyprus."
Ireland and Portugal are seeking to loosen the terms of their bailout pacts, according to Bloomberg.
Global regulator the International Monetary Fund and the euro zone project Cyprus to contract nearly 9 percent this year and 4 percent next year before expanding in 2015, according to Reuters.
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