Imf Agreement

2. If the assets of the Fund in the currency of the outgoing Member are not sufficient to pay the net amount due from the Fund, the balance shall be paid in a freely usable currency or by other agreed means. If the Fund and the outgoing member do not reach an agreement within six months of the date of withdrawal, the relevant currency of the Fund shall be paid to the outgoing member without delay. The balance due is payable in ten semi-annual instalments over the next five years. Each of these instalments shall be paid, at the choice of the Fund, either in the currency of the outgoing member acquired after withdrawal or in a freely usable currency. 2. Where the commitment remaining after the clearing referred to in point (b) of Article XXIV(2) is established by the Fund and the agreement on the transaction is not concluded within six months of the date of termination, the resilient participant shall fulfil that obligation in equal half-yearly instalments within three years of the date of termination or within a longer period set by the Fund. The participant who terminates the obligation, as the Fund may determine, shall fulfil that obligation either by the payment of a currency freely available to the Fund, or by the acquisition of special drawing rights under Article XXIV, Section 6, of the General Resources Account, or in agreement with a participant designated by the Fund or by another holder, and the offsetting of these special drawing rights ahead of the rate due. 4. If, within the three-month period referred to in point 3, a Member has not reached an agreement with the Fund, the Fund shall use the currencies of other Members allocated to it in accordance with point 2(d) to exchange the currency of that Member which is allocated to other Members. Any currency which is granted to a Member which has not reached an agreement shall be used as far as possible to exchange its currency, which shall be granted to Members which have concluded agreements with the Fund in accordance with point 3.

On 25 March 2013, to the detriment of the Cypriots, the troika approved a €10 billion international rescue plan for Cyprus: closing the country`s second largest bank; to levy a single tax on uninsured bank deposits of the Bank of Cyprus. [46] [47] No insured bonds of EUR 100 000 or less should be affected as part of a new bail-in. [48] [49] 1. . . .

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