IMF strikes €1 billion funding deal with Cyprus

Christine Lagarde

A staff team from the International Monetary Fund (IMF) has agreed a €1 billion ($1.3 billion) contribution to a bail-out package for Cyprus, with the remaining €9 billion to come from the European Stability Mechanism.

In a statement today, the IMF's managing director, Christine Lagarde, said the funding depended on an "ambitious, multi-year reform programme" that had been put forward by the Cypriot authorities. "We believe it provides a durable and fully financed solution to the underlying

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