A round-up of public finance news from around Europe you might have missed this week (May 13–17).

Fitch upgrades Greece by one notch citing fiscal progress

Ratings agency Fitch upgraded its sovereign credit rating for Greece by one notch on Tuesday, citing the country's progress in cutting its budget deficit and the receding risk of its eurozone exit (Reuters).

Ministers reach deal to top up EU's 2013 budget

European Union finance ministers approved a €7.3bn spending increase for 2013 on Tuesday, as part of a deal to unblock talks on the EU's next long-term budget (EurActiv.com, Belgium).

François Hollande says eurozone needs its own full-time president

François Hollande has called for a united ‘economic government’ in the eurozone, with its own full-time president, budget and harmonised tax system (The Guardian, UK).

Cyprus gets first aid tranche as Greek cash backed

Cyprus has received its first emergency aid payment and Greece has won approval for €7.5bn ($9.7bn) of rescue loans (Bloomberg).

Ireland's EU-IMF bailout has been a success, says think-tank report

Ireland’s European Union-International Monetary Fund bailout has been broadly successful, according to a new report by a leading European think-tank, but risks remain that a second bailout will be required down the line (Irish Times).