Proceedings which led to a €10 billion bailout being agreed between Eurozone finance ministers for Cyprus was closely followed by Malta, which was represented by Finance Minister Edward Scicluna.

Prof. Scicluna said: "If one had any doubts about the indignity suffered by indebted countries forced to seek a bailout, one should have been present for the night long meeting in Brussels."

The proposals to rescue Cyprus contained a mixture of tax rises, one-off levy on deposits, gold sales and plans to downsize the banking sector in the country.

The nine-hour meeting that lasted till the early hours of this morning was also attended by the Permanent Secretary in the Ministry of Finance, Alfred Camilleri.

 

 

 

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