Economic Adjustment Programme for Cyprus be saved and transferred to Bank of Cyprus (BoC), while shareholder capital would be written off, and the uninsured deposits above €100,000 – along with other creditor claims – would be lost to the degree being decided by how much the receivership subsequently can recover from liquidation of the remaining bad assets. As an extra safety measure, uninsured deposits above €100,000 in BoC will also remain frozen until a recapitalisation has been implemented "(with a possible imposed haircut if this is later deemed needed to reach the requirement for a 9% tier 1 capital ratio)". The targeted closure of Laiki
Economy of Cyprus resources—and the trade deficit continues to grow. Cyprus must import fuels, most raw materials, heavy machinery, and transportation equipment. More than 50% of its trade is with the rest of the European Union, especially Greece and the United Kingdom, while the Middle East receives 20% of exports. In 1991, Cyprus introduced a value-added tax (VAT), which is at 19% as of 13/01/2014. Cyprus ratified the new world trade agreement (General Agreement on Tariffs and Trade, GATT) in 1995 and began implementing it fully on 1 January 1996. EU accession negotiations started on 31 March 1998, and concluded when Cyprus joined