IMF says Cyprus economic outlook uncertain, faces risk of even deeper recession

The International Monetary Fund said Friday that substantial risks still loom for the Cypriot economy even after a multi-billion dollar international bailout aimed at averting a debt default.

A new IMF report predicted a deep recession in Cyprus this year and next and said there is a danger that the downturn could be even more severe if authorities do not adhere strictly to conditions imposed as part of the $13 billion bailout deal.

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