International Monetary Fund to withhold bailout funds for Cyprus


The International Monetary Fund will not release $108 million in rescue money for Cyprus, following a vote by the country's parliament to suspend a foreclosure law required under the loan program.
"Following today's suspension of the existing legislation on foreclosure, critical requirements for the completion of the fifth program review are now no longer met," the IMF said in a statement. "We look forward to continued cooperation, and will agree with the authorities on next steps in the period ahead."
Primarily because of problems in its banking sector, Cyprus needed $12 billion in bailout funds from the IMF and the European Commission in 2013.
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Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
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