United States welcomes Cyprus rescue plan
WASHINGTON, March 25
WASHINGTON, March 25 (Reuters) - The U.S. Treasury Department welcomed Cyprus' last-ditch agreement with international lenders to avoid economic meltdown, saying it was important to protect insured depositors and shutter troubled banks.
Cyprus will receive a 10 billion euro ($13 billion) rescue package to prop up its troubled banking system, in return for closing down its second-largest bank and inflicting heavy losses on big depositors.
"It is critical to lay the foundation for a return to financial stability and growth in Cyprus," the Treasury said in a statement on Monday, adding that financial stability in the euro zone is important to the United States. The European Union is the United States' largest trading partner.
"We will continue monitoring developments closely as details are finalized and the agreement is implemented," the Treasury added.
- Obama unveils U.S. immigration reform, setting up fight with Republicans |
- Lawyers descend on Ferguson ahead of grand jury decision
- More arrests as protesters await Ferguson grand jury decision
- U.S., Iran in last-ditch bid to clinch historic nuclear deal
- 'Immoral, but not illegal': metal warehousing games in the spotlight
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video