Cyprus: Bail-Out Package Accepted

People ♦ Published: March 25, 2013; 12:27 ♦ (Vindobona)

Cyprus has been granted the € 10bn worth aid package by the EU. After ten hours of negotiations in Brussels the decision was made early this morning. Assets below € 100,000 will not be taxed.

Cyprus: Bail-Out Package Accepted / Picture: ©

On Monday, a final solution to Cyprus’ bank crisis could be found. All of the 17 EU Finance Ministers agreed on a bail-out package by the EU and the International Monetary Fund (IMF) which grants Cyprus € 10bn. Further € 5.8bn need to be come up with by Cyprus itself mainly by restructuring its financial sector. Particularly creditors and clients of Cyprus’ two biggest banks are…