LONDON — Cyprus’ bailout deal is the fifth agreed on so far in the 17-strong group of European Union countries that use the euro since the debt crisis began in late 2009.
[np_storybar title=”Cyprus seen paying dearly for its salvation” link=”http://business.financialpost.com/2013/03/25/cyprus-will-pay-dearly-for-its-salvation-leaders-analysts-say/”]The last-minute deal that averted a financial meltdown will decimate the main driver of its economy and likely plunge this tiny island nation deeper into recession.
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Here’s a look at the rescue programs:
GREECE — Greece has received two bailout packages from its eurozone partners and the International Monetary Fund. Its problems began in late 2009, when the government admitted that public debt was far higher than official statistics showed. That led it to accept a bailout package of 110-billion euros (worth US$142-billion today) in May 2010. When it became clear that bailout was not enough — because the economy kept weakening — a…
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