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 Merchant Marine been a popular shipping centre and home to some of the leading names of the global shipping industry. Among the ship management companies established and operating, 87% are controlled by EU interests. These companies employ almost 40.000 seafarers out of whom 5.000 are EU nationals. According to the latest governmental estimates, the total fleet managed from Cyprus represents 20% of the world third–party ship management market (out of 10.000 ships in the world shipmanagement market under a wide approach). The new tonnage tax scheme for Cyprus was approved by the European Commission on 24 March 2010, as compatible with the