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Cyprus get rescue package by 10 billion euros

After long hours of continuing European debates, euro zone finance ministers agreed Saturday in Brussels on a rescue plan for Cyprus by 10 billion euros, so as to avoid falling into a swamp of bankruptcy.

We must point out that Cyprus is the fifth State in the euro area which makes a request for assistance from the euro-zone, after all of Greece, Ireland, Portugal, and Spain, amid European debt crisis contagion in the old continent.

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On the other hand, officials in Brussels stressed that Cyprus had agreed to increase the corporate tax rate by 2.5 basis points to 12.5 percent, to restrictions on European rescue funds.

With this, the European Commission has reduced the size of the financial assistance to Cyprus from 17 to 10 billion euros, noting that Cyprus had requested assistance worth 17.5 billion euros, in turn prompted creditor represented by the troika of the European Union, the European Central Bank and International Monetary Fund Cyprus, privatizations and raise taxes on companies as mentioned above.

It is expected that the Cypriot Parliament voted to raise taxes on companies on Sunday, to come into force next Tuesday which implementation to start levying taxes on Tuesday, because Monday is the feast day in Cyprus, while the Netherlands financial Minister and Chairman of the Eurogroup yurin disilblom that this agreement comes in support of “protecting financial stability in the euro area.

As President of the aldroli Monetary Fund Christine Lagarde confirmed that the contribution of the International Monetary Fund on rescue funds for Greece will be approximately EUR 1 billion, of the 10 billion euros the European Commission agreed to grant to Cyprus.

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