Arab Today, arab today german parliament approves €23bn cyprus bailout
Last Updated : GMT 16:48:56
Arab Today, arab today
Arab Today, arab today

Gloomy economic outlook amid €45.16 shares decline

German parliament approves €23bn Cyprus bailout

Arab Today, arab today

Arab Today, arab today German parliament approves €23bn Cyprus bailout

MPs also overwhelmingly backed eurozone deals to struggling Ireland and Portugal
Berlin – Arabstoday

MPs also overwhelmingly backed eurozone deals to struggling Ireland and Portugal Berlin – Arabstoday The German parliament approved an international bailout package for stricken eurozone member Cyprus by a large majority on Thursday. In the Bundestag lower house, 486 deputies voted for the measure with 104 against and three abstentions.
MPs also overwhelmingly backed a deal by eurozone finance ministers giving Ireland and Portugal an extra seven years to repay aid they have received to allow them to consolidate progress.
Eurozone finance ministers formally approved on Friday new terms for the Cyprus debt rescue that will cost far more than first thought -- €23bn ($30bn) rather than €17bn.
Eurozone partners and the International Monetary Fund are to provide €10bn of this amount while the Cypriot government will have to find the rest.
Germany will kick in about one-third of the international assistance.
The debt rescue involves a radical restructuring of Cyprus's bloated banking sector, with an economy heavily dependent on financial services now expected to shrink by up to 12.5 percent over the next two years.
Finance Minister Wolfgang Schaeuble had urged MPs to back the Cyprus bailout, citing the gradual recovery of other stricken eurozone members as evidence the aid-for-reforms strategy worked.
Speaking to the Bundestag, he said that countries such as Portugal and Ireland had shown that tough budget cutting coupled with international assistance could save a debt-mired country.
"Both have undertaken enormous efforts, are fulfilling the requirements of their (rescue) programmes and are on the right track," he said.
Schaeuble also noted substantial progress made in the last three years in taming the eurozone crisis, with economic progress such as a hike in exports from southern European countries as well as a sharp drop in public deficits.
Striking a conciliatory note, the usually tough-talking Schaeuble noted that Germany's preaching of austerity in Europe sometimes lacked compassion for the sacrifices made by the people of crisis-battered countries.
"In our country in particular where the euro crisis is not felt in everyday life we must issue a reminder that the people in Greece, Portugal and Cyprus are going through tough times," he said.
But he stressed there was "no other way" than fiscal discipline to achieve sustainable long-term stability and growth.
Polls show that Germans strongly back the crisis-fighting strategies of Chancellor Angela Merkel and her fellow conservative Schaeuble, with five months to go until a general election.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today german parliament approves €23bn cyprus bailout Arab Today, arab today german parliament approves €23bn cyprus bailout

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Nermein Al Fekki films “Foxes in the Valley”

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday