Cyprus, IMF Reach Bailout Agreement

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BY MATINA STEVIS IN BRUSSELS AND ALKMAN GRANITSAS IN ATHENS
Cyprus and the International Monetary Fund reached an agreement for a €1 billion ($1.28 billion) lifeline on top of the €9 billion bailout the island will get from its euro-zone peers, the IMF said in a statement Wednesday.
The statement set out the tough terms the tiny nation of 800,000 has to meet to get the bailout, calling the task ahead “challenging.” Cyprus, an economy of roughly €17 billion in annual output, needs to push through cuts and savings worth 4.5% of gross domestic product by 2018 to hit a primary-surplus target of 4% of GDP outlined in the bailout …
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