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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.

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