Cyprus: Request for an Arrangement Under the Extended Fund Facility

International Monetary Fund

No 2013/125, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; Cyprus; debt; SDR; balance; IMF-supported program; bank recapitalization exercise; IMF quota; bank recapitalization process; Cypriot bank; Commercial banks; Fiscal consolidation; Fiscal stance; Global; Europe (search for similar items in EconPapers)
Pages: 129
Date: 2013-05-17
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