Author (Person) | Fox, Benjamin |
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Series Title | EUObserver |
Series Details | 15.04.13 |
Publication Date | 15/04/2013 |
Content Type | News |
At a meeting of eurozone finance ministers in Dublin on 12 April 2013, final agreement on a €10 billion bailout for Cyprus was reached. Under the terms of the deal, the €10 billion package will be composed of €9 billion from the European Stability Mechanism (ESM) and €1 billion from the International Monetary Fund. In order to secure the 10bn euros, agreed by the EU and IMF, Cyprus was forced to wind up one major bank and write-off of a large portion of secured debt and uninsured deposits in the Bank of Cyprus, and for this reason the government is to relax its citizenship rules for foreign investors who lost at least 3 million euros under the bailout. |
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Source Link | Link to Main Source http://euobserver.com/economic/119782 |
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Subject Categories | Economic and Financial Affairs |
Countries / Regions | Cyprus, Europe |