“Cyprus and international lenders have agreed on the terms of a bailout the eastern Mediterranean country needs to refinance its banks and pay bills, European Central Bankgoverning council member Panicos Demetriades said.
“The memorandum has been agreed and the only thing missing is the exact amount which will be discussed at a eurogroup meeting,” Demetriades told reporters in Nicosia today. “The main thing is that there is an agreement.”
Cyprus in June became the fourth euro-area nation to request a financial rescue since Greece’s 2010 bailout after Cypriot lenders including Bank of Cyprus Plc and Cyprus Popular Bank pcl were weakened by their exposure to the Greek economy. Cypriot banks lost more than 4 billion euros ($5.2 billion) in Greece’s debt restructuring.”
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