Initial reports on the overnight "supposed" rescue package for Cyprus, including the press statement given by IMF Managing Director Mme Christine Lagarde, appear to exclude that organisiation from immediate participation in the deal to save Cypriot banks agreed in Brussels overnight. The €10 billion forthcoming is thought to be some €7Billion shortfall from the #17 Bilion widely accepted as the amount necessary to prevent a collapse in the island's economy!
Eurogroup Statement on Cyprus 25/3/13 in pdf
A Statement made by Mme Lagarde, played on BBC World Service radio at 0500 GMT, made no mention of any IMF involvement in this latest rescue package for the now clearly doomed European Common Currency, the Euro!
Update BBC report with Lagarde statement video
Labels: Cyprus, Euro, Eurogroup, IMF, Lagarde