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Cyprus posts growth for 2nd successive quarter

Employees work on the production line at the Pittas Dairy Industries halloumi factory in Nicosia on January 15, 2015Bailed-out EU member Cyprus is easing out of recession, official figures showed Friday, as the Mediterranean resort island notched up its second consecutive quarter of growth. Cyprus has suffered from more than three years of economic slowdown marked by deep austerity and tumbling wages. In return for 10 billion euros ($13 billion at the time) in aid from international lenders, Cyprus agreed in March 2013 to wind down its second- largest bank, Laiki, and impose losses on depositors in under-capitalised top lender Bank of Cyprus.

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