SCHEDA - Salvataggio banche Cipro, i dettagli
April 12 (Reuters) - Euro zone finance ministers are expected to give political approval on Friday to a 10 billion euro bailout package for Cyprus with a view to signing a formal agreement later in April. The first loans are exopected to reach Nicosia in early May. Below are details of the package and its economic assumptions according to documents prepared by international lenders for the ministerial meeting and initially obtained by Reuters. WHAT ARE CYPRUS' TOTAL FINANCING NEEDS? * Cyprus' total gross financing needs are estimated at 23 billion euros from the second quarter of 2013 to the first quarter of 2016. This includes recapitalisation of the banking sector, the redemption of maturing medium- and long-term debt including loans and fiscal needs. * Of this amount: - the euro zone bailout fund will provide 9 billion euros - the International Monetary Fund will provide 1 billion - Cyprus will come up with 13 billion euros WHAT THE 10 BLN FROM INTERNATIONAL LENDERS WILL BE SPENT ON - 2.5 billion euros will be spent on recapitalising what is left of the Cypriot banking sector after the closure of Laiki bank and the restructuring of the Bank of Cyprus. The recapitalisation will be financed by the euro zone bailout fund ESM through its bonds, without raising the cash on the market. - 4.1 billion euros will be spent to redeem maturing government debt. - 3.4 billion will cover the fiscal needs of the government in the three-year period. HOW CYPRUS WILL MAKE UP ITS CONTRIBUTION * resolution of Laiki bank, losses imposed on junior bondholders and deposit for equity swap of uninsured depositors at Bank of Cyprus - up to 10.6 billion euros * corporate tax hike by 2.5 points to 12.5 percent and a doubling of a capital gains tax to 30 percent - up to 600 million euros * gold sales - approximately 400 million euros * roll-over of debt held by domestic investors - up to 1 billion euros * privatisation - estimated 1.4 billion euros * lower interest, longer maturity of 2.5 billion euros borrowed from Russia - up to 100 million euros LOAN MATURITY According to a proposal by the euro zone bailout fund, the European Stability Mechanism (ESM), loans to Cyprus will have a average maturity of 15 years and a maximum maturity of 20 years. GROWTH, FISCAL PROJECTIONS 2013 2014 2015 2016 * real GDP growth (pct y/y) -8.7 -3.9 1.1 1.9 * gross govt debt (pct/GDP) 109.0 123.0 126.3 121.9 * Govt deficit (pct/GDP) -6.0 -7.9 -5.7 -2.5 (Reporting By Gernot Heller, writing by Jan Strupczewski and Martin Santa. Editing by Jeremy Gaunt.) Keywords: CYPRUS BAILOUT/
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