Property in Cyprus 
недвижимость на кипре

Home   >  News

You are not logged in. Log in / Register.

Cyprus Property News

Keep up to DateRegister Today

Cyprus Property News

Cyprus Refinancing Blooms to 23 Billion Euro

Date: 11/04/13

The total cost of the rescue of the Cypriot economy swelled to 23 billion Euro from the originally planned 17 billion.

Not surprisingly the outlook for the Cypriot economy has changed greatly since the original bailout cost was calculated.  

Two intriguing documents leaked yesterday show exactly where the €13 billion that Cyprus must raise will come from:
1. The resolution of Laiki Bank and restructuring of Bank of Cyprus including the bail-in of uninsured deposits will raise €10.6 Billion;
2. €600m from raising corporation tax, taxes on capital income, and increasing the bank levy on deposits raised by banks and credit institutions;
3. The sale of the majority of the gold reserves held by the republic €400m;
4. €1.6 Billion though privatizations of Semi State companies (Cyta, Electricity Authority, Ports Authority).

With another Eurogroup meeting being held tonight (12/04/2013) in Dublin, the whole of Cyprus holds its breath. For those who enjoy a bit of “light reading” here are the two draft documents from the European Commission, both in English.

<< Back to News