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...

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