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Cyprus rescue plan will require great efforts, IMF says [View all]
Source: BBC
Cyprus has agreed to a set of measures that will release a 10bn-euro (£8.5bn; $12.8bn) international bailout.
The International Monetary Fund (IMF), which is contributing 1bn euros, says they are "challenging" and will require "great efforts" from its population.
They will mean a doubling of taxes on interest income to 30% and a rise in corporation tax from 10% to 12.5%.
The plan, designed to stabilise the banking system and government finances, was agreed in principle last week.
Read more: http://www.bbc.co.uk/news/business-22014500
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