Cyprus rescue plan: Britain to pay €45m

According to the International Monetary Fund (IMF), Cyprus’ rescue plan, through which €1 billion is to be contributed to the island’s bailout, will be supported by the IMF, EU Commission, and the European Central Bank (ECB).

The contribution is to be made via a three year loan, of which Britain, which is the fourth biggest contributor to the IMF’s rescue fund, is liable for 4.51 percent.

Britain’s Treasury has already sent €1 million, about £860,000, on board to Cyprus as a “contingency measure” to help British troops in the country’s worsening bank crisis.

The Royal Air Force (RAF) plane was sent to Cyprus-based troops in case banks stop giving out cash, as the country deals with the fallout from a controversial Eurozone bailout.

Earlier this week, hundreds of Cypriots staged a protest against the restrictions imposed on the European country’s banks following an international bailout agreement.

The demonstrators, who gathered outside the parliament in the capital city Nicosia, torched the EU flag and shouted slogans against its policies during the protest.

MOS/HE

Source Article from http://www.presstv.ir/detail/2013/04/03/296374/cyprus-rescue-plan-britain-to-pay-45m/

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