Cyprus president expects positive bailout review

NICOSIA, Cyprus (AP) — Cyprus' president says he expects international creditors' latest review to approve the country's handling of its bailout program.

Cyprus in March got a 10 billion-euro ($13.78 billion) loan to save it from bankruptcy, but in return it had to commit to a series of reforms and measures. Among those, uninsured depositors in the country's two biggest banks were forced to take major losses on their savings. The second-largest bank, Laiki, was shut down and authorities imposed capital controls to prevent a run.

Nicos Anastasiades said Monday that a second assessment by the country's eurozone partners and the International Monetary Fund will be "equally significant and positive" as their initial one over the summer.

EU and IMF officials are due to begin their review Tuesday.

Related Headlines

  • Panicos Demetriades

    Cyprus central bank chief resigns

    Nearly a year on from an acute financial crisis, Cyprus' central bank governor resigned on Monday, a decision that brings an end to a protracted dispute with the president of ... 

  • Expert review: Cyprus needs deposit guarantees

    A commission of experts said Thursday that the Cypriot government should offer a guarantee on all bank deposits when it removes limits on money flows in order to maintain ... 

  • Cyprus privatization bill backed in second vote

    At the second time of asking, lawmakers in Cyprus approved a bill to privatize a host of state-owned companies, a move that will enable the country to receive its next batch ... 

Find the best rates

Find your future job here