After asking international lenders for a 10 billion euro bailout to keep its economy from collapsing, Cyprus is getting ready for a bond market issue.
European Union sanctions against Russia for annexing Crimea in Ukraine have hurt Cyprus, but the island country could face irrecoverable damage if more are applied.
Cyprus on May 30 formally eliminated all domestic restrictions on money transfers, a watershed for the bailed-out country’s recovering banking system.
Bank deposits in bailed-out Cyprus last month rose for the first time in over a year, signaling a slow return of confidence in the country’s wobbly banking sector.
Cypriots who lost nearly half of their bank deposits over 100,000 euros as part of a government bailout deal with international lenders are suing to get their money back.
Cyprus’ finance minister said that international creditors have given a fourth straight positive review to the country’s financial rescue program.
International creditors are back in Cyprus to measure the country’s progress in implementing the terms of its 10 billion euro ($13.87 billion) rescue.
Cyprus has reached another milestone in getting rid of capital controls it put in place after being bailed out last year, saying all domestic controls have been lifted.
Cyprus won’t reveal the names of 11,000 people who transferred money to foreign banks just before a confiscation scheme took place.
Cyprus raised 100 million euros ($137 million) through its first bond issue since international lenders rescued the country from near-bankruptcy last year.