Cyprus Reaches Last-Minute Bailout Deal With EU
Struggling European Union member country Cyprus reached a last-minute deal on Monday morning with the international lenders, to shut down its second-largest bank in return for a €10 billion ($13 billion) bailout. Critics say the deal would inflict heavy losses on uninsured depositors that include a large number of wealthy Russians. After charged negotiations between the Cyprus President Nicos Anastasiades and the heads of the European Union, the International Monetary Fund (IMF) and the European Central Bank, an agreement emerged to avert a collapse of the banking system – hours before the deadline. This agreement is aimed at preventing the…
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