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CommentJune 1 2015

Former Cyprus bail-out chief helps steer sovereign back to capital markets

The timely passage of a bill to strengthen the local insolvency law helped convince both the International Monetary Fund and sovereign bond investors that the Cyprus credit story should not be bracketed with that of Greece.
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Former Cyprus bail-out chief helps steer sovereign back to capital markets

When Cyprus returned to the international capital markets at the end of April, it was able to demonstrate emphatically that it is not Greece. Morgan Stanley was a lead manager on the €1bn deal, and its team included one member who was well acquainted with the difference – the International Monetary Fund's (IMF's) former frontman in the eurozone crisis.

Cyprus – or at least the Greek part of the divided island – has umbilical social, linguistic and cultural ties with Greece. It was the very closeness of their connection that sucked Cyprus, belatedly, into the eurozone crisis.

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