Cyprus : Request for an Arrangement Under the Extended Fund Facility

Publication Date: May 17, 2013

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Summary: Cyprus experienced significant internal and external imbalances owing to the European financial crisis. The oversized and weak banking sector continued to be a threat to the sovereign. Greek debt restructuring, together with loan losses of both Cyprus and Greece, resulted in the two largest banks being declared insolvent. However, the authorities have taken unprecedented steps to address the country’s banking problems. Temporary administrative controls have been taken to preserve financial stability, while the Extended Fund Facility (EFF) arrangement has been aimed to stabilize the financial system and achieve fiscal sustainability.
Series: IMF Staff Country Reports
Subject(s): Extended Fund Facility | Fiscal policy | Fiscal consolidation | Fiscal reforms | Banking sector | Bank restructuring | Bank supervision | Debt sustainability analysis | Letters of Intent | Economic indicators | Staff Reports | Press releases | Extended arrangement requests | Cyprus

Publication Date: May 17, 2013
ISBN/ISSN: 9781484365243/1934-7685 Format: Paper
Stock No: 1CYPEA2013001 Pages: 129
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