Cyprus

Case Solution for Crisis in Cyprus: Was it Different this Time?

Complete Case details are given below :
Case Name :      Crisis in Cyprus: Was it Different this Time?
Authors :           Nandita Yadav, Pratap Chandra Biswal
Source :             Ivey Publishing
Case ID :            W13369
Discipline :        Finance
Case Length :    11 pages
Solution Sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
Cyprus is a small island member of the European Union, constituting 0.2 per cent of the eurozone gross domestic product. During its growth phase, the Cypriot banking system developed vulnerabilities after suffering heavy losses during the Greek sovereign debt crisis. The European Central Bank, the International Monetary Fund and the European Union offered a bailout of US$16.9 billion if the Cypriot government could raise US$7.54 billion from within. The government had a few options on the table – a “one-off” stability levy on all bank deposits (a solution loathed by both native and foreign depositors), a bank restructuring plan, seeking help from Russia (which expected access to the island’s oil and gas reserves) and a complete banking system bailout (which would come with oversight and control from those offering the bailout). The economy was fast approaching a standstill and Cyprus had only two days to strike a deal to avoid the collapse of its banking system.
 
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