IMF backs Cyprus bid to help small depositors: Lagarde
FRANKFURT (Reuters) - 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.
"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.
(Reporting by Paul Carrel, writing by Gareth Jones)
- Obama makes rare campaign trail appearance, people leave early
- Two arrested in death of Saudi student in California: report
- Obama makes rare campaign trail appearance, some leave early
- Former 'American Idol' contestant Joanne Borgella dies at 32
- IBM to pay Globalfoundries $1.5 bln to take chip unit off its hands -WSJ