Eurogroup’s financial programme for Cyprus
On Monday 25 March 2013, the Eurogroup reached an agreement with the Cyprus government on the key elements necessary for a future macroeconomic adjustment programme.
The programme addresses the exceptional challenges that Cyprus is facing and restores the viability of the financial sector, with the view of restoring sustainable growth and sound public finances over the coming years. Specifically the programme provides for financial assistance to Cyprus of up to €10bln in order to safeguard financial stability in Cyprus and the euro area as a whole.
On 2 and 3 April Deloitte CIS and Deloitte Cyprus hold Dbriefs aimed to provide you with a clear understanding the main provisions of the agreement between the Eurogroup and the Cyprus Government and how this will be translated into legislative changes.
Key questions answered in this Dbrief are:
- What does the bailout agreement mean for the recapitalisation of the Cyprus banks?
- What are the temporary measures on the restriction of movements of funds within the Cyprus banks?
- What other measures have been announced?
Nicos Kyriakides, Partner and Head of Financial Advisory Services, Deloitte Cyprus
Alexis Agathocleous, Partner and Head of Financial Service Industries, Deloitte Cyprus
Pieris Markou, Partner and Head of Tax Services, Deloitte Cyprus
Grigory Pavlotsky, Partner and Head of Tax and Legal, Deloitte CIS
You can see the materials of Dbriefs here.