Brussels, 16/05/2013 (Agence Europe) - On Wednesday 15 May, the International Monetary Fund made the first payment, €86 million of its €1 billion share of Cyprus' aid programme.
Despite what she called “bold” moves to help Cyprus' banks and “ambitious” budget consolidation measures, the director general of the IMF, Christine Lagarde, said there were “significant challenges” on all fronts. She said Cyprus has to restore credibility in its banking sector and reduce debt and...