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Cyprus to Receive € 10bn in EU Aid Money

Published: March 16, 2013; 10:45 · (Vindobona)

Russia being the biggest investor in Cyprus offered extension of credits. In return, austerity measures and reforms are demanded.

Cyprus to Receive € 10bn in EU Aid Money / Picture: © Flickr

After ten long hours of negotiations, president of the Eurogroup, Jeroen Dijsselbloem announced that Cyprus will receive a support of ten billion Euros. In return, austerity measures and reforms are required. The banks’ clients will be asked to pay a one time only tax to support the bailout. Cyprus’ parliament will need to determine the tax law so that the onetime fee can be charged…

This article includes a total of 464 words.

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