€10 billion bailout agreed for Cyprus by Eurozone Ministers
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“If one had any doubts about the indignity suffered by indebted countries who are forced to seek a bailout, one should have been present for the night long meeting held in Brussels to decide the bailout conditions to be imposed on Cyprus following the crises which left them with a 17 billion euro gap in their system.”
This was stated by the Minister of Finance, Prof Edward Scicluna, who attended an extraordinary Eurogroup meeting in Brussels. He was accompanied by the Permanent Secretary in the Ministry of Finance, Alfred Camilleri.
Eurozone Finance Ministers discussed plans to rescue Cyprus. The proposals contained a mixture of tax rises, one-off levy on deposits, gold sales and plans to downsize the banking sector in Cyprus.
Following a 9 hour meeting lasting till the early hours of this morning, Eurozone Finance Ministers managed to agree on a deal worth €10 billion bailout for Cyprus.
Malta followed closely the proceeding and seeing that while safeguarding the interest of the creditors, the bailout would minimise the suffering such conditions would impose on the people of Cyprus.