Cyprus to pay back 1/4 of IMF bailout loan

[Dominic]

Cyprus to pay back 280 million euro out of 1 billion euro IMF bailout loan

Cyprus has decided to pay back 280 million euros (£243.1 million), or 28 percent, of a loan it had obtained from the International Monetary Fund IMF, the head of public debt management office at the ministry of finance said on Thursday.

"I would like to share with you a recent decision by the government... We are comfortable that we can borrow from the market at interest rates lower than the... rate charged by the IMF on this specific amount of 280 million euros," Phaedon Kalozois said, speaking at a conference.

Source: http://uk.reuters.com/article/uk-cyprus ... KKBN18Z1F8

[trevnhil]

Until I read the story I thought it was really good news and that they had saved that amount of money..
But not so of course.

Trev..

[WHL]

Indeed...Well done Cyprus, at least they are taking things seriously.