Back from the brink: EU ministers approve €10bn bailout deal to save Cyprus
Publié
par
Clifford Armion
le 25/03/2013
Activer le mode zenCharlotte 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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Pour citer cette ressource :
"Back from the brink: EU ministers approve €10bn bailout deal to save Cyprus ", La Clé des Langues [en ligne], Lyon, ENS de LYON/DGESCO (ISSN 2107-7029), mars 2013. Consulté le 25/04/2024. URL: https://cle.ens-lyon.fr/anglais/archives/archives-revue-de-presse/back-from-the-brink-eu-ministers-approve-10bn-bailout-deal-to-save-cyprus-