During the 2012–2013 Cypriot financial crisis, the Cypriot economy came to near-collapse as the Greek financial crisis (to which Cypriot banks were heavily exposed) threatened Cyprus's banks, causing a financial panic, bank runs, and a downgrade of government bonds to "junk" status. In March 2013, a €10 billion bailout was announced by the European troika, a loose coalition of the European Union, the European Central Bank and the International Monetary Fund, in return for Cyprus agreeing to close its second largest bank, the Cyprus Popular Bank, also known as Laiki Bank. The Cypriots had to agree to levy all uninsured deposits there and possibly around 40% of uninsured deposits in the Bank of Cyprus, the island's largest commercial bank. After an initial proposal was replaced with the final proposal, no insured deposit of €100,000 or less was to be affected. The levy of deposits that exceeded €100,000 was termed a "bail-in" to differentiate it from a government-backed bailout. The Bank of Cyprus executed the bail-in on 28 April 2013.