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
Cyprus–Denmark relations between Cyprus and Denmark on 27 April 1963. In May 1981, Cyprus and Denmark signed a tax treaty. Cypriot President Glafcos Clerides visited Denmark in June 2002, to hold talks on Cyprus' EU accession, the Cyprus dispute and the bilateral relations between Cyprus and Denmark. In August 2006, Danish Prime Minister Anders Fogh Rasmussen visited the United Nations Buffer Zone in Cyprus. Cyprus–Denmark relations Cyprus–Denmark relations refers to the current and historical relations between Cyprus and Denmark. Cyprus has an embassy in Copenhagen. Denmark has an embassy in Nicosia. Diplomatic relations were established on 2 November 1960. Both countries are