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Cyprus looking at EU, Russia, China for bailout

Reuters - Jun 13, 2012

Cyprus is looking to Europe, Russia and China for the best possible bailout terms, officials said on Wednesday, and could seek as much as 4 billion euros ($5 billion), or more than a fifth of its economy.

Speculation is mounting that an international bailout for euro zone member Cyprus is imminent, but its communist government has kept markets guessing so far.

Deputy Europe Minister Andreas Mavroyiannis said 1.8 billion euros was needed within the next few weeks to recapitalize struggling Cyprus Popular Bank but that other banks may need money too.

He said if Cyprus chose to tap the EU bailout mechanism it might ask for more than the 1.8 billion euros to be on the safe side.

Read Full Article from Reuters

- Posted: 2012-06-13 13:17:26


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