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Back from the brink: EU ministers approve €10bn bailout deal to save Cyprus

The Independent, 25 March 2013
Publié le : 25 mars 2013
 Charlotte McDonald-Gibson 
An 11th-hour deal with the EU, which has saved the Cypriot economy from the brink, will see investors with more than €100,000 in the nation’s largest banks forfeit a large chunk of their deposits.

The punishing deal – which has been approved by the eurozone finance ministers – will allow the country to receive the €10bn (£8.5bn) bailout it needed before the European Central Bank pulled funding and sent the island on the path to bankruptcy and a possible exit from the single currency.

Under the new agreement, all bank deposits under €100,000 will be secured and guaranteed by the state. The country's second-biggest bank, The Popular Bank of Cyprus – known as Laiki – will be wound down whilst holders of deposits of more than €100,000 face big losses.

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Mise à jour le 25 mars 2013
Créé le 25 mars 2013
ISSN 2107-7029
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