I.M.F. to Contribute a Billion Euros to Cyprus Bailout
The International Monetary Fund said on Wednesday it would contribute €1 billion, or about 10 percent of a bailout package for Cyprus in exchange for widespread reforms of the Cypriot economy.
The memorandum of understanding between Cyprus and the troika outlines budget cuts, privatizations and other conditions Cyprus must meet to receive its allotments of bailout money. A parliamentary vote in Cyprus is needed to approve the deal, while Germany and Finland are also expected to seek the approval of their Parliaments.
Read more about the Cyprus Bailout here: http://www.nytimes.com/2013/04/04/business/global/imf-to-contribute-1-billion-euros-to-cyprus-bailout.html?_r=0