Cyprus to get first tranche of bailout in early May

BRUSSELS, March 25 Sun Mar 24, 2013 10:20pm EDT

BRUSSELS, March 25 (Reuters) - Cyprus will get the first tranche of a 10 billion euro international bailout in early May after all formalities are finished in April, Klaus Regling, the head of the euro zone bailout fund, the European Stability Mechanism, said on Tuesday.

The head of the International Monetary Fund, Christine Lagarde, said after a meeting of euro zone finance ministers who agreed to the bailout that she would recommend to the board of the IMF that they should take part in the programme, but did not specify the amount.

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