Lagarde says IMF backs Cyprus efforts to help small depositors

Lagarde says IMF backs Cyprus efforts to help small depositors
March 19, 2013 - 15:02 AMT

PanARMENIAN.Net - The International Monetary Fund supports the Cypriot government's efforts to ease the pain for smaller depositors under a levy that is part of an international bailout for the island, IMF Managing Director Christine Lagarde said on Tuesday, March 19, according to Reuters.

"We are also obviously extremely supportive of the Cypriot authorities' intentions to introduce more progressive rates in the one-off levy or deposit-share swap within the agreed financial envelope of 5.8 billion (euros)," she told a conference.

Lagarde also said Cyprus needed to reduce the size of its banking sector and restructure it.

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