March 19, 2013 / 10:36 AM / in 5 years

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.

International Monetary Fund (IMF) Managing Director Christine Lagarde holds a news conference after a Eurogroup meeting in Brussels March 16, 2013. REUTERS/Eric Vidal

“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

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below