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Crisis talks in Cyprus: state investment fund under discussion

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Crisis talks in Cyprus: state investment fund under discussion


The Cypriot government is scrambling to find a new way to raise 5.8 billion euros to secure a10 billion euro bailout from the European Union and the International Monetary Fund (IMF).

The initial plan, a levy on bank deposits, sparked huge public outcry and was rejected by parliament on March 19.

A state investment fund and special bond issue are now under discussion – as a potential way to raise the cash.

Deputy Democratic Party Leader Averof Neophytou said: “We’re working very hard. There is only one target, to save our economy and our country. I believe that the political parties will show the necessary responsibility for the survival of the Cypriot economy.”

Demetris Silouris, Leader of the European Party was optimistic, saying: “I think that soon – not by tomorrow, but soon – we’ll find the 5.8 billion we’re looking for.”

In June, Cyprus asked the Eurogroup for a total of 17 billion euros to help it avoid bankruptcy.

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