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Wednesday, July 3, 2013

Cyprus' banking revamp underpins economic reboot

A man talks on his mobile phone outside an empty shop with a sign that reads in Greek: 'Rent' in central Nicosia, Cyprus, Tuesday, July 2, 2013. Moody's Investors Service said that it considers Cyprus to have defaulted after the debt-stricken island country swapped some local bonds for longer-term bonds. Cyprus negotiated a 23 billion euro ($30 billion) bailout with those entities in March. To get the money, Cyprus had to agree to cut spending and restructure its banking system. (AP Photo/Petros Karadjias)NICOSIA, Cyprus (AP) — It's been just over 100 days since its financial rescue and Cyprus is struggling to cope with life under the terms of its international bailout.



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