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18 Jun 2013
Cyprus calls for bailout redesign to avoid country's collapse
FXstreet.com (San Francisco) - The Cypriot president Nicos Anastasiades has asked Eurozone leaders for the redesign of it €10Bn bailout approved in March.
In a last's week letter obtained by Financial Times, Anastasiades said that the bailout was “implemented without careful preparation” wiping out the working capital of Cypriot industry.
The president warned the Troika that the "economy is driven into a deep recession, leading to a further rise in unemployment and making fiscal consolidation all the more difficult." Anastasiades also urges leaders "to review the possibilities in order to determine a viable prospect for Cyprus and its people."
In a last's week letter obtained by Financial Times, Anastasiades said that the bailout was “implemented without careful preparation” wiping out the working capital of Cypriot industry.
The president warned the Troika that the "economy is driven into a deep recession, leading to a further rise in unemployment and making fiscal consolidation all the more difficult." Anastasiades also urges leaders "to review the possibilities in order to determine a viable prospect for Cyprus and its people."