Cyprus known as Laiki Bank), into a "bad" bank which would be wound down over time and a "good" bank which would be absorbed by the Bank of Cyprus. In return for a €10 billion bailout from the European Commission, the European Central Bank and the International Monetary Fund, often referred to as the "troika", the Cypriot government was required to impose a significant haircut on uninsured deposits, a large proportion of which were held by wealthy Russians who used Cyprus as a tax haven. Insured deposits of €100,000 or less were not affected. According to the 2017 International Monetary Fund
History of nationality in Cyprus political, and economic link to this significant geopolitical region. Furthermore, Cyprus is headquarters to many multinational firms. It is thus its location, accessibility to educated managerial and technical staff, combines with its excellent transportation, communication, and legal networks that serve an asset to the EU. The EU is a firm supporter of UN efforts to achieve peaceful settlement of the region, and at its meeting in Dublin in June 1990 they issued a declaration stating ‘the European Council, concerned about the situation, fully affirms its support for the unity, independence, sovereignty and territorial integrity of Cyprus in accordance with relevant