The International Monetary Fund will contribute about €1 billion as part of a rescue program for Cyprus that aims to stabilise the island’s banks and reduce public spending, IMF managing director Christine Lagarde said.
The IMF announced a staff-level agreement with Cyprus on the €10 billion program, hashed out with euro-area authorities on March 25th. The deal calls for Cyprus to restructure its two largest banks, reduce budget deficits and adjust its wage...
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