Thursday 24 April 2014
Advertise  |  Subscribe  |  Register  | 

Close

About cookies: we use cookies to support features like login and sharing articles. Keep cookies enabled to enjoy the full site experience. By browsing our site with cookies enabled, you are agreeing to their use. Review our cookies information for more details.

Cyprus on the brink of a bail-out

By Ian Wishart  -  20.12.2012 / 05:30 CET
Island could need €17.5 billion.

Cyprus's request for a bail-out, which could amount to €17.5 billion, will be considered by eurozone finance ministers when they meet in Brussels on 21 January.

Amid mounting tension in the country, Cyprus's finance ministry denied in a statement on Tuesday (18 December) that the government was at immediate risk of defaulting on its payments and that it had “secured all its current financing needs”.

The announcement came a day after an official from the ministry told the country's parliament that the state could default “within the coming days” if it did not secure €300 million immediately.

Cyprus's banking sector has been particularly badly hit by the crisis in Greece. The ‘troika' of potential international lenders – the European Commission, European Central Bank and International Monetary Fund – is carrying out an assessment of Cyprus's financing needs and is expected to report back in time for January's finance ministers' meeting.

 

© 2014 European Voice. All rights reserved.
Varrow

Most viewed in Economics

Germany signals some support for UK over EU reform

Finance ministers call for safeguards for member states outside the eurozone.

Finance ministers

ECB leaves rates unchanged

Draghi defends decision not to take action, says governing council talked about quantitative easing.

Draghi crowd

Commission seeks to reduce economy's reliance on banks

Strategy aims to increase investment in SMEs and infrastructure.

Finance_rain(R)

Related articles

Draghi may cut interest rates to negative levels.

Finance ministers and central bank governors meeting in Washington over the weekend sounded a cautiously upbeat note about the eurozone economy.

The banking union will harden the divides between the north and south and the core and periphery.

Money bolsters government ahead of European elections and in dealings with troika.

Draghi defends decision not to take action, says governing council talked about quantitative easing.

Advertisement

Comments

 

Your comment
Please note: The fields followed by an asterisk (*) are obligatory fields

Comment*

Name*
E-mail*
Website

Please, copy the code on the left into the box on the right

 I accept the Terms & conditions
 I would like to share my e-mail & website

Advertisement

Cookies info | Privacy policy | Terms & conditions