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Cyprus could reach bailout deal

Mid/Late March
Cyprus

Published: 18 Jan 2013 | By Maja Micudova and 4 others | Last updated: 20 Feb 2013
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Cyprus could reach bailout deal  -
Cyprus
wikipedia-EUCyprus

Cyprus could finally settle a financial rescue package with international lenders for the country's public sector and banking system, which are strongly affected by the economic crisis in Greece. The Mediterranean country is seeking a €17 billion bailout. 


The deal, leading to Cyprus' official bailout request, is likely to be concluded after the country's February presidential elections


"It is a fair bet that a final decision will not be made under the present government, but it will be one of the first tasks of the next government, after the elections on February 17th," said an EU official, adding the government will be well funded until then.


Cyprus is the fifth eurozone country to seek external financial rescue. In September, the Mediterranean country also sought a loan worth €5 billion from Russia. 


The Troika, the tripartite committee comprising the European Central Bank (ECB), the European Commission and the International Monetary Fund (IMF), ended the country review in November. The lenders seek €975 million in spending cuts over three years from Cyprus.

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About this event
Created by Maja MicudovaCreated by Maja Micudova
on Tue 9 Oct 2012
Modified by Maja MicudovaLast modified by Maja Micudova
on Wed 20 Feb 2013

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Location: Cyprus
Earliest date: Monday 11 March 2013
Latest date: Sunday 31 March 2013
Planning: confirmed
Ended: 601 days ago

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Mike Theodoulou

Mike Theodoulou

Senior Cyprus correspondent

Location: Nicosia, Cyprus

Language: English

Mike Theodoulou is a freelance journalist based in Nicosia, Cyprus. He regularly contributes to The Times, The Express, IRN, LBN... moreMike Theodoulou is a freelance journalist based in Nicosia, Cyprus. He regularly contributes to The Times, The Express, IRN, LBN and The Christian Science Monitor in Boston. Mike specialises on reports involving Cyprus and the Middle East and covers a wide range of topics.

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