german parliament approves €23bn cyprus bailout
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Gloomy economic outlook amid €45.16 shares decline

German parliament approves €23bn Cyprus bailout

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice 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*

german parliament approves €23bn cyprus bailout german parliament approves €23bn cyprus bailout

 



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*

german parliament approves €23bn cyprus bailout german parliament approves €23bn cyprus bailout

 



GMT 22:17 2017 Monday ,25 September

Stephens crashes out of Wuhan Open

GMT 09:29 2011 Saturday ,03 September

Cristiano Ronaldo:\'I shut people up all year\'

GMT 09:37 2017 Tuesday ,21 November

Sixth Miss World win draws India level

GMT 12:24 2017 Tuesday ,21 November

SAGITTARIUS (November23rd-December21st)

GMT 10:21 2017 Wednesday ,18 October

Egypt’s former football official calls Cuper

GMT 00:49 2014 Saturday ,30 August

Daum to launch North Korean map service

GMT 12:23 2012 Sunday ,05 August

Afghanistan\'s National Museum regains treasures

GMT 17:04 2012 Friday ,09 March

Egypt verdict expected Sunday
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice