Home Cyprus Finance Minister: Cyprus Needs 17 bn Euro Bailout

Finance Minister: Cyprus Needs 17 bn Euro Bailout

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Vassos Shiarly

Cyprus needs 17 billion euros in aid from international lenders to bail out its struggling economy, hit by recession and fallout from the Greek debt fiasco, the finance minister said on Thursday.
“The amount comes at around 17 billion euros ($21.8 billion),” Vassos Shiarly told reporters, referring to a four-year period through 2016.
“It’s what we said in the past on the proviso the banks need 10 billion (euros), which isn’t our figure,” Vassos Shiarly told reporters Thursday.
An independent audit of the banks’ requirements is still underway, so the final figure has not yet been announced.
(source: AFP)

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  • mathematics

    “Cyprus banks need around 17 billion euros.” That’s stupid.