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Cyprus

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  • International Monetary Fund. European Dept.
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    Abstract

    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.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=40548
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Staff Country Reports with number 13/125.

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    Length: 129
    Date of creation: 17 May 2013
    Date of revision:
    Handle: RePEc:imf:imfscr:13/125

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    Related research

    Keywords: 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; central bank; public debt; debt sustainability; external debt; current account; debt restructuring; public sector debt; debt dynamics; public finances; debt ratio; balance of payments; current account balance; domestic debt; short-term debt; debt stock; private sector debt; budget systems; current account deficit; external financing; repayments; debt maturities; government debt; long-term debt; domestic currency; external debt sustainability; debt holders; sovereign bond; total external debt; debt threshold; terms of debt; international debt; current account deficits; debt reduction; sovereign bonds; public finance; external liabilities; debt servicing; external payments; private debt; private banks; debt obligations; external payments arrears; bond restructuring; external shocks; budget law; current account surpluses; sovereign debt;

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