x Abu Dhabi, UAESaturday 22 July 2017

Cyprus - main points

The main Cyprus bailout strategies.

- Cyprus had to raise €5.8 billion to secure the bailout.

- Depositors with accounts of more than €100,000 in the country's second-largest bank, Laiki, will lose an unspecified amount of their money. The move was expected to yield €4.2 billion - or most of the required amount.

- The remainder of the money to come from tax increases and privatisations.

- Cyprus agreed to restructure its banking sector, which is unusually large for the size of its economy.

- Laiki to be dissolved and split into a "good bank" and a "bad bank". The "good bank" portion of Laiki will be folded into the largest bank, the Bank of Cyprus.

* Associated Press