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Cyprus to Receive € 10bn in EU Aid Money
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Published: March 16, 2013; 10:45 ♦ (Vindobona)

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

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…
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