After ten hours of talks the deal was struck!
Eurozone finance ministers and IMF chief Christine Lagarde agreed to a ten billion euro bailout for Cyprus – seven billion short of what the island nation was asking for.
Cash-strapped Cyprus has now become the fifth country to turn to the eurozone for financial help in a bid to stave off bankruptcy.
Jeroen Dijsselbloem, Eurogroup Chairman:
“The Eurogroup considers that in principal financial assistance to Cyprus is warranted to safeguard financial stability in Cyprus and the euro area as a whole by providing a financial envelope which has been reduced to 10 billion euro.”
In return Cyprus must trim its deficit, shrink its troubled banking sector, raise taxes and privatise state assets.
The agreement still has to be approved by parliaments in several eurozone nations but everything should be completed by the end of the month.
- 1YPG militia alliance set to attack ISIL stronghold Raqqa “within weeks”
- 2Dutch PM calls on Russia to cooperate with MH17 probe
- 3Three Israelis killed in Jerusalem in day of violence
- 4Brussels wants Hungary’s answers over migrants crackdown
- 5Six-hundred-year-old Henry V warship ‘found in English river’
- 1Putin adds diplomatic strand to bolster Syrian air strikes
- 2Russian cruise missiles strikes prompt global aviation officials to issue safety alerts
- 3Russia tries to reassure Saudi Arabia over Syria air strikes
- 4Iraqi military claims to have killed several senior ISIL members including leader al – Baghdadi
- 5Belarus election: Lukashenko wins landslide of more than 80 percent – exit polls
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2NASA discovers evidence of “liquid briny water” flowing on Mars
- 3Latest News Bulletin
- 4At least 220 dead in stampede outside Mecca, Saudi Arabia reports
- 5Why aren’t rich Gulf states welcoming Syrian refugees…or are they?
- 6[Live] All the Rugby World Cup news in one place
- 7International news | euronews, latest international news
- 8International breaking news | euronews online world breaking news in video
- 9Why aren’t rich Gulf states welcoming Syrian refugees… or are they?
- 10Syrian refugee tripped by shamed camera woman is named
- 11Spain: Catalan President faces ‘civil disobedience’ charges over breakaway vote
- 12Banzai back in the vocabulary as Japan passes law allowing combat deployments
- 13Exclusive: shipwatchers chart Russian hardware heading into Med
- 14Which European countries offer the most social benefits to migrants?
- 15[Live] Catalonia: separatists heading for clear win in crucial elections
- 16Israel agents ‘incite’ stone-throwing in West Bank
- 17Fifa suspends Blatter, Platini and Valcke
- 18Kicked down in Hungary, saved by Spain
- 19Catalan president Artur Mas charged with organising illegal independence referendum
- 20Hungary’s army can shoot rubber bullets and tear gas at refugees
Wires > News
- 05:36 CET Japan, China agree to promote dialogue despite UNESCO dispute
- 05:35 CET British banker accused of HK double murder to stand trial in…
- 04:54 CET Sanders backs Clinton over email scandal, says time to move on
- 03:58 CET Rousseff accuses Brazil opposition of ‘coup-mongering’
- 02:52 CET Chile fires starting gun on new constitution
- 02:25 CET Kerry to visit Mideast in bid to calm Palestinian-Israeli tensions
- 02:20 CET Search in Guatemala landslide ends with 280 dead, 70 missing
- 00:33 CET Syria’s army, allies plan offensive against insurgents in Aleppo