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Cypriot Bailout Deal Will Be Ready in September, Stockwatch Says

Cyprus’s bailout agreement with the International Monetary Fund, the European Union and the European Central Bank will be completed in September, Stockwatch said, citing Finance Minister Vassos Shiarly.

While another two to three months are needed to determine the amount Cypriot lenders need for a recapitalization, this will not affect the funding guarantee, the Nicosia-based financial website quoted Shiarly as saying in an interview.

Cyprus may borrow as much as 11 billion euros ($13.5 billion) from the troika, Stockwatch quoted Shiarly as saying.

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