Yesterday’s Eurogroup meeting went by without much fuss. Ministers of finance welcomed policy progress made in Greece and Cyprus. For Greece, the Eurogroup concluded that the necessary elements are in place to finalise national procedures required for the approval of the next €7.5B loan tranche. The disbursement will take place in two sub-tranches. A first one (€4.2B) will likely be approved the following days. The second one will be made in June, linked to the implementation of the MoU milestones agreed with the Troika. For Cyprus, the Eurogroup also welcomed the ESM’s decision to approve the first €3B tranche. A first €2B disbursement of this tranche was made yesterday.