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
Low-value consignment relief jobs (110 in the UK, 50 in Jersey and 20 in Guernsey). The move was blamed on changes to LVCR affecting the Channel Islands. In August 2013, Huelin-Renouf, which had operated a "lift-on lift-off" container service for 80 years between the Port of Southampton and the Port of Jersey, ceased trading, although the business was later taken up by a market entrant, Channel Island Lines. Low-value consignment relief When goods are imported into a European Union country from a non-EU territory, goods may be subject to customs duty, excise duty and value-added tax. Value-added tax is an EU tax adopted