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Monday, March 25, 2013

Last-ditch deal by Cyprus

In return for 10 million bailout, Cyprus bagged a last ditch deal with international lenders to shut down its second largest bank.
The plan will spare the east  Mediterranean island a financial meltdown by winding down popular bank of Cyprus CPBC.CY, also known as Laiki.
Where IMF chief observe this as a comprehensive and credible plan whereas analyst see it as a limited 0.2% of the euro zones economic output.

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