Heavy cost to Cyprus bailout | Bangkok Post: news

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Heavy cost to Cyprus bailout

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NICOSIA - Cyprus clinched a 10-billion-euro bailout on Monday that averted a "disorderly" eurozone exit, but at the cost of agreeing to painful reforms that will downsize its status as an offshore banking centre. 

Cypriot President Nicos Anastasiades leaves following a Eurozone meeting in Brussels, on March 25, 2013. Cyprus has clinched a 10-billion-euro bailout that averted a "disorderly" eurozone exit, but at the cost of agreeing to painful reforms that will downsize its status as an offshore banking centre.

The 11th-hour agreement deals a major hit to investors and depositors in the island's biggest bank, the Bank of Cyprus, many of whom are Russian, and will also effectively shut down its second-largest lender, Laiki.

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