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Commission signs off on Cypriot bank bailout

14.09.12 @ 08:56

  1. By EUOBSERVER

The European Commission has agreed to allow a €1.8bn bailout for the Cypriot Popular Bank. Cyprus applied for a formal bailout after its banking sector incurred huge losses from Greek debt exposure. A “default or technical insolvency would create a serious disturbance to the economy of Cyprus”, warned the Commission.

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