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Cyprus acquires 1.79 bln euros in Popular recap
July 2, 2012 / 9:06 AM / 5 years ago

Cyprus acquires 1.79 bln euros in Popular recap

July 2 (Reuters) - The Cypriot government on Monday said it had acquired shares worth some 1.79 billion euros ($2.27 billion) in Greek debt-exposed Cyprus Popular Bank to bolster its regulatory capital.

The state had pledged to underwrite Popular’s attempt to raise 1.8 billion euros in equity on May 17. Last week, the Mediterranean island applied to its EU partners for a bailout, since authorities have lost access to international capital markets. ($1 = 0.7880 euros) (Reporting By Michele Kambas; Editing by Jon Loades-Carter)

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