Economics
IMF to Contribute 1 Billion Euros to Cyprus Rescue
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The International Monetary Fund will contribute about 1 billion euros ($1.3 billion) as part of a rescue program for Cyprus that aims to stabilize the nation’s banks and reduce public spending, IMF Managing Director Christine Lagarde said.
The IMF today announced the staff-level agreement with Cyprus on the 10 billion-euro program, hashed out with euro-area authorities on March 25. The deal calls for Cyprus to restructure its two largest banks, reduce budget deficits and adjust its wage and pension systems.