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Cyprus president expects positive bailout review

October 28. 2013 8:36AM
Associated Press

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(AP) Cyprus' president says he expects international creditors' latest review to approve the country's handling of its bailout program.

Cyprus in March got a 10 billion-euro ($13.78 billion) loan to save it from bankruptcy, but in return it had to commit to a series of reforms and measures.

Among those, uninsured depositors in the country's two biggest banks were forced to take major losses on their savings. The second-largest bank, Laiki, was shut down and authorities imposed capital controls to prevent a run.

Nicos Anastasiades said Monday that a second assessment by the country's eurozone partners and the International Monetary Fund will be "equally significant and positive" as their initial one over the summer.

EU and IMF officials are due to begin their review Tuesday.

Associated Press

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