(ANSAmed) - NICOSIA, APRIL 11 - A draft document by Cyprus'
international creditors shows the island nation will have to
take on the lion's share of the measures needed to avoid the
nation's bankruptcy. The draft document, as daily Kathimerini
online reports quoting news agencies, says the restructuring
imposed on Cyprus' financial system, including heavy losses on
large bank deposits, additional taxes, privatizations and a
part-sale of the central bank's gold reserves are expected to
net 13 billion euros. The country's international creditors -
the European Commission, the European Central Bank and the
International Monetary Fund - are set to grant the Mediterranean
island nation a 10 billion euros rescue loan package. Cyprus - a
member of the 17-nation eurozone - was initially expected to
contribute only 7 billion euros to the bailout package.
(ANSAmed).
(ANSAmed).
