Cyprus: Request for an Arrangement Under the Extended Fund Facility

May 17, 2013

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Cyprus: Request for an Arrangement Under the Extended Fund Facility, (USA: International Monetary Fund, 2013) accessed November 22, 2024

Summary

Cyprus experienced significant internal and external imbalances owing to the European financial crisis. The oversized and weak banking sector continued to be a threat to the sovereign. Greek debt restructuring, together with loan losses of both Cyprus and Greece, resulted in the two largest banks being declared insolvent. However, the authorities have taken unprecedented steps to address the country’s banking problems. Temporary administrative controls have been taken to preserve financial stability, while the Extended Fund Facility (EFF) arrangement has been aimed to stabilize the financial system and achieve fiscal sustainability.

Subject: Banking, Commercial banks, Financial institutions, Fiscal consolidation, Fiscal policy, Fiscal stance, Public debt, Revenue administration

Keywords: Balance, Bank recapitalization exercise, Bank recapitalization process, Commercial banks, CR, Cypriot bank, Cyprus, Debt, Europe, Fiscal consolidation, Fiscal stance, Global, IMF quota, IMF-supported program, ISCR, SDR

Publication Details

Pages:

129
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/125
Stock No:

1CYPEA2013001
ISBN:

9781484365243
ISSN:

1934-7685

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