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 in the Eurovision Song Contest 2013 competition, placing 15th and scoring 11 points. Points awarded in first semi-final: Points awarded in the final: Cyprus in the Eurovision Song Contest 2013 Cyprus participated in the Eurovision Song Contest 2013 in Malmö, Sweden, and selected their entry through an internal selection, organised by the Cypriot broadcaster Cyprus Broadcasting Corporation (CyBC). Despina Olympiou represented Cyprus with the song "An me thimasai", which failed to qualify from the first semi-final of the contest, placing 15th and scoring 11 points. Prior to the 2013 Contest, Cyprus had participated in the Eurovision Song Contest twenty-nine times since its first entry in 1981.