Sources: Cyprus aims for 11.5 billion euro bailout deal to cover troubled banks, fiscal needs

Published October 04, 2012

| Associated Press

Officials say Cyprus is aiming to get a eurozone bailout of about €11.5 billion ($14.9 billion) to recapitalize its troubled banks and meet short-term fiscal needs.

Finance Minister Vassos Shiarly says the country needs around €4 billion to cover expenses until 2016. But he refuses to say how much Greece-exposed banks would need, only that government estimates differ greatly from those of the so-called troika — the European Commission, the European Central Bank and the International Monetary Fund.

Two officials told the AP Thursday — on condition of anonymity because negotiations are ongoing — that the finance ministry puts banks' needs at €5 billion, while the troika puts them at €9 billion. The ministry is also looking to incorporate a €2.5 billion Russian loan into a bailout agreement.

URL

http://www.foxnews.com/world/2012/10/04/sources-cyprus-aims-for-115-billion-euro-bailout-deal-to-cover-troubled-banks/