ECB to help Cyprus after top bank is restructured

ECB to help Cyprus after top bank is restructured

PanARMENIAN.Net - Cyprus' president says the European Central Bank will help prop up the country's hard-hit banking sector once its largest lender, Bank of Cyprus, is restructured.

Nicos Anastasiades said Friday, July 12, that ECB Chief Mario Draghi didn't specify in a meeting last month how he will help. That will be decided after the restructuring is done.

Anastasiades warned Cyprus' international creditors that the bank's cash reserves were running dangerously low after a €23 billion ($30 billion) financial rescue deal forced it to shoulder billions in debt when it merged with parts of the country's now-defunct second-largest lender.

The deal also imposed major losses on large savers in the two biggest banks.

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