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 Harris Georgiades told lawmakers Monday that tough spending cuts will bring the 2014 budget shortfall to 7 percent of gross domestic product, lower than the 8.25 percent that Cyprus' eurozone partners and the International Monetary Fund have set.
Cyprus was granted in March a 10 billion-euro ($13.68 billion) loan to avoid bankruptcy, but forced uninsured savers in the country's two biggest banks to take major losses on their savings. Authorities also imposed controls on the flow of capital to prevent a bank run.
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