CLEAN : Cyprus sacrifices top banks to resurrect

The transcript discusses the financial crisis in Cyprus, highlighting the challenges faced by the country and the euro area. It outlines the financial assistance plan, including a €10 billion aid package and potential IMF contributions. The focus is on resolving issues in two major banks, Laiki Bank and Bank of Cyprus, while ensuring deposits under €100,000 are protected. The European Union's commitment to supporting Cyprus and mitigating social consequences is emphasized.

What was the estimated size of the financial assistance committed by the euro area Member States to Cyprus?

• €5 billion

• €10 billion

• €15 billion

• €20 billion

Which two banks were primarily focused on in the restructuring efforts during the Cyprus financial crisis?

• Santander and BBVA

• Bank of Cyprus and Laiki Bank

• HSBC and Barclays

• Deutsche Bank and Commerzbank

What was emphasized regarding deposits below €100,000 during the financial crisis in Cyprus?

• They would be fully guaranteed

• They would be taxed heavily

• They would be frozen indefinitely

• They would be converted to shares

What role did the European Commission pledge to play in response to the Cyprus financial crisis?

• Increase taxes on all citizens

• Encourage mass emigration

• Provide military support

• Alleviate social consequences and protect the vulnerable

How did the Cypriot authorities respond to the financial crisis according to the final section?

• By closing all banks permanently

• By ignoring international advice

• By seeking immediate EU membership

• By implementing necessary measures courageously