Cyprus gets next IMF aid installment under bailout

The International Monetary Fund signed off on Friday on Cyprus’s progress in meeting the conditions of its bailout program, giving the euro zone country another $114 million. Cyprus has to comply with the conditions of the bailout program to get each installment of the bailout fund over the course of three years. Cyprus came to the brink of bankruptcy last March, when it faced a cash crunch from years of fiscal slippage and a banking system deeply exposed to losses in Greece. As part of a 10 billion euro ($13.7 billion) aid package from the IMF and the European Union, Cyprus was forced to shut down one of its largest banks and have bank deposits in a second bank seized to recapitalize it.


Leave a Reply

Your email address will not be published.