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Greece Business - Page 6

Cyprus agrees bailout package with EU/IMF/ECB troika:

The Mediterranean island sought financial aid -- which could be up to €17.5bn, equal to its entire annual economic output -- in June, after its banks were battered by their exposure to the Greek crisis. Ref. Source 3

Business Greece

Citigroup Sees 90% Chance That Greece Leaves Euro:

Citigroup updated its forecast for a Greek exit from the 17-nation currency union from a previous estimate of 50 percent to 75 percent, and said it would most likely happen in the next two to three quarters Ref. Source 9

Greece Business History & Civil Business Politics

The Biggest Bank Bailouts in History (#2 Is Happening Right Now):

At $10 billion in a $18 billion economy, bailing out its banks will cost Cyprus a stunning 56 percent of GDP Ref. Source 5

Page 6 Business Greece

Greece may still have to quit euro: Merkel ally:

Greece remains the biggest risk for the euro zone despite a calming of its economic and political crisis and may still have to leave the common currency, a senior conservative ally of German Chancellor Angela Merkel said. Ref. Source 7

Business Greece

Cyprus and eurozone have reached an agreement on a bailout plan aimed at staving off collapse of the nation's banks.

The island nation needs to find a way to raise nearly €6 billion to satisfy the conditions of a €10 billion EU rescue or face meltdown when banks reopen Tuesday after a 10-day hiatus. Ref. CNN

Greece Business

Cyprus defends bailout deal amid recession fears:

The government of Cyprus has defended a 10bn-euro bailout deal to save its banks from collapse, amid warnings the island faces deep recession. Laiki (Popular) Bank, the country's second largest, will be wound up, but small savers will be protected. Depositors with more than 100,000 euros ($130,000; £85,000), many of whom are Russian, face big losses. Ref. Source 7

Greece Business - Page 6

Banks Re-open

Amid tight security and strict limits on withdrawals, banks in Cyprus open their doors to customers for the first time since the nation agreed to bailout terms with international lenders. Ref. USAToday

Greece Business Politics Business Civil & History - Page 6

Parliament in Cyprus passes international bailout deal:

Parliament in Cyprus has approved the country's international bailout after warnings that the alternative would be financial collapse. MPs voted through the loan package by 29 votes to 27. Ref. Source 6