Cyprus May Need More Bailout Cash for Banks, Public Finances
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Cyprus may need more than the 10 billion euros ($12.4 billion) staffers have estimated for a financial lifeline after bigger shortfalls than anticipated were found on the government’s balance sheet, according to the minutes of a meeting of international and Cypriot officials.
A mission of officials from the European Commission, European Central Bank and the IMF, the so-called troika, met with Cypriot lawmakers on July 27 to present findings from their analysis of the country’s economy. On June 25, Cyprus became the fifth of the euro area’s 17 member states to seek external aid.