Cypriot bailout will cost Britons £38m

As the IMF has agreed to contribute €1bn towards the bailout of Cyprus over the next three years, £38.2m of that will come from the British taxpayer (IMF). The IMF's Christine Lagarde:

A combined financing package of 10 billion euros is designed to help Cyprus cover its financing needs, including to service debt obligations, while it implements the policies needed to restore the health of the economy and regain access to capital market financing.