Monday June 1, 2020

IMF to provide €1bn to "challenging" Cyprus deal

The International Monetary Fund will contribute about €1bn as part of a rescue that aims to stabilise the island’s banks and reduce public spending, IMF managing director Christine Lagarde said.

3rd April, 2013
The deal calls for Cyprus to restructure its two largest banks, reduce budget deficits and adjust its wage and pension systems.

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...

Subscribe from just €1 for the first month!

Exclusive offers:

All Digital Access + eReader

Trial

€1

Unlimited Access for 1 Month

Then €19.99 a month after the offer period.

Get basic
*New subscribers only
You can cancel any time.

Annual

€200

€149 For the 1st Year

Unlimited Access for 1 Year

You can cancel any time.

Quarterly

€55

€42

90 Day Pass

You can cancel any time.

Team Pass

Get a Business Account for you and your team

Share this post

Related Stories

The best writing and and the biggest stories of 2019 from the Business Post

Richie Oakley | 5 months ago

Denis O’Brien is back in court, residents continue to fight the Council on halting site and a row surfaces in government over rent control proposals

Leanna Byrne | 4 years ago