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Cyprus: Request for an Arrangement Under the Extended Fund Facility

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  • International Monetary Fund

Abstract

Cyprus experienced significant internal and external imbalances owing to the European financial crisis. The oversized and weak banking sector continued to be a threat to the sovereign. Greek debt restructuring, together with loan losses of both Cyprus and Greece, resulted in the two largest banks being declared insolvent. However, the authorities have taken unprecedented steps to address the country’s banking problems. Temporary administrative controls have been taken to preserve financial stability, while the Extended Fund Facility (EFF) arrangement has been aimed to stabilize the financial system and achieve fiscal sustainability.

Suggested Citation

  • International Monetary Fund, 2013. "Cyprus: Request for an Arrangement Under the Extended Fund Facility," IMF Staff Country Reports 2013/125, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2013/125
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    Citations

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    Cited by:

    1. Athanasios Orphanides, 2016. "What Happened in Cyprus? The Economic Consequences of the Last Communist Government in Europe," World Scientific Book Chapters, in: Alexander Michaelides & Athanasios Orphanides (ed.), THE CYPRUS BAIL-IN POLICY LESSONS FROM THE CYPRUS ECONOMIC CRISIS, chapter 5, pages 163-207, World Scientific Publishing Co. Pte. Ltd..
    2. Aris Spanos & Niki Papadopoulou, 2013. "A Small Macroeconometric Model for the Cyprus Economy," Working Papers 2013-2, Central Bank of Cyprus.
    3. Panos Pashardes & Nicoletta Pashourtidou, 2013. "Output Loss from the Banking Crisis in Cyprus," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 7(2), pages 3-24, December.
    4. Gikas A. Hardouvelis & Ioannis Gkionis, 2016. "A Decade Long Economic Crisis: Cyprus versus Greece," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 10(2), pages 3-40, December.
    5. repec:erc:cypepr:v:7:y:2014:i:2:p:3-24 is not listed on IDEAS
    6. Jean Messiha & Bruno-Laurent Moschetto & Frederic Teulon, 2014. "How to switch off the cypriot financial crisis without weakening durably Europe ?," Working Papers 2014-169, Department of Research, Ipag Business School.
    7. Aris Spanos & Niki Papadopoulou, 2013. "A Small Macroeconometric Model for the Cyprus Economy," Working Papers 2013-02, Central Bank of Cyprus.
    8. Scott Urban, 2014. "Policy Options for the Euro: Heterodoxy Ahead," Journal of Common Market Studies, Wiley Blackwell, vol. 52(4), pages 742-757, July.
    9. Yannis M. Ioannides, 2015. "Why Productivity Enhancing Reforms Will Help Greece Exit the Crisis and Usher in Long Run Growth," Discussion Papers Series, Department of Economics, Tufts University 0807, Department of Economics, Tufts University.
    10. Leslie G. Manison, 2017. "Lack Of Adjustment Of The Cyprus Household Sector: Results From The Eurosystem’S Household Finance And Consumption Surveys," Development Discussion Papers 2017-10, JDI Executive Programs.
    11. Tamon Asonuma & Michael G. Papaioannou & Takahiro Tsuda, 2021. "Banking Crisis, Sovereign Debt Restructurings, and Financial Stability Policies in Cyprus During 2012–13," Multinational Finance Journal, Multinational Finance Journal, vol. 25(3-4), pages 163-186, September.
    12. Nicoletta Pashourtidou & Christos S. Savva & Nicolas Syrichas, 2014. "The Effects of Fiscal Consolidation on Macroeconomic Indicators in Cyprus," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 8(1), pages 93-119, June.

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