Select a language
"Calling Angela."
On the night of 24 and 25 March, Cyprus and the troika of international lenders (the EU, ECB, and IMF) reached an agreement on a €10bn bailout that should enable the island to avoid bankruptcy and an exit from the eurozone.
The agreement, which, among other measures includes a haircut for bank assets in excess of €100,000 euros and the closure of the country's second largest bank, has been described as "fair" by Germany and "stealing" by Russia, which is home to a large number of depositors on the island.
During negotiations, which lasted more than a week, the island's banks remained closed to avoid a bank run, which would have deprived them of their cash assets.
Was this article useful? If so we are delighted!
It is freely available because we believe that the right to free and independent information is essential for democracy. But this right is not guaranteed forever, and independence comes at a cost. We need your support in order to continue publishing independent, multilingual news for all Europeans.
Discover our subscription offers and their exclusive benefits and become a member of our community now!
