WASHINGTON (Reuters) - The U.S. Treasury Department welcomed Cyprus' last-ditch agreement with international lenders to avoid economic meltdown, saying it was important to protect insured depositors and shutter troubled banks.
Cyprus will receive a 10 billion euro (8.5 billion pounds) rescue package to prop up its troubled banking system, in return for closing down its second-largest bank and inflicting heavy losses on big depositors.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!