Ministers finalise €10 billion Cyprus bailout

At a meeting of eurozone finance ministers in Dublin on 12 April 2013, final agreement on a €10 billion bailout for Cyprus was reached.

Under the terms of the deal, the €10 billion package will be composed of €9 billion from the European Stability Mechanism (ESM) and €1 billion from the International Monetary Fund.

In order to secure the 10bn euros, agreed by the EU and IMF, Cyprus was forced to wind up one major bank and write-off of a large portion of secured debt and uninsured deposits in the Bank of Cyprus, and for this reason the government is to relax its citizenship rules for foreign investors who lost at least 3 million euros under the bailout.

• Primary Source

ESO: Background information: Cyprus economy to shrink 12.5% despite EU bailout http://www.europeansources.info/record/cyprus-economy-to-shrink-12-5-despite-eu-bailout/

Deutsche Welle, 13.04.13: Doing the math for a Cyprus bailout http://www.dw.de/doing-the-math-for-a-cyprus-bailout/a-16741453

BBC News, 14.04.13: Cyprus to ease citizenship rules for EU bailout losers http://www.bbc.co.uk/news/world-europe-22147643

O Phileleftheros / Der Spiegel, 15.04.13: President tries to hold on to the Russians (via PressEurop) http://www.presseurop.eu/en/content/news-brief/3677131-president-tries-hold-russians

EUObserver, 16.04.13: Bundestag likely to approve Cyprus bailout http://euobserver.com/economic/119819

Spiegel Online International, 15.04.13: Hit By the Levy: Cyprus Mulls Citizenship Offer for Russians http://www.spiegel.de/international/europe/cyprus-mulls-giving-russian-investors-citizenship-a-894409.html

EUObserver, 18.04.13: EU leaders under fire over Cypriot 'fiasco' http://euobserver.com/economic/119838

EurActiv, 18.04.13: Cyprus vote throws new uncertainty on bailout http://www.euractiv.com/euro-finance/cyprus-vote-throws-new-uncertain-news-519199

EUObserver, 30.04.13: Cypriot MPs set to back €10bn EU bailout http://euobserver.com/economic/119987

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