Cyprus secures bailout from int'l lenders

Cyprus secures bailout from int
# 26 March 2013 04:07 (UTC +04:00)

Baku-APA. After over ten hours of tense negotiations, Cyprus has secured a much-needed 10 billion euro loan from international lenders. Managing Director of the International Monetary Fund, Christine Lagarde, and president of the eurogroup, Jeroen Dijsselbloem voiced support for Cyprus while briefing the press on the rescue plan, APA reports quoting Xinhua.

Christine Lagarde, Managing Director, Int'L Monetary Fund, said, "Based on this and final agreement of the mission on Cyprus, I am expected to be in a position that recommendation will aim at including the financial participation from IMF."

Jeroen Dijsselbloem, President, Eurogroup, said, "As you are all aware, it’s been a particularly difficult road to get here, however this agreement is supported by all member states as well as three institutions."

Dijsselbloem also said that, under the new rescue plan, Cyprus must drastically shrink its outsized banking sector, cut its budget, implement structural reforms and privatize state assets. The country’s second-largest bank Laiki will be shut down immediately. All bond holders and people with more than 100,000 euros in their bank accounts there are facing significant losses. Deposits below 100,000 euros in Laiki will be transferred to the Bank of Cyprus.

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