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Mon 4 Mar 2013

Eurozone finance ministers meet to decide on Cyprus bailout following Cypriot elections

  • By Yafit Lazar and 1 other
  • Last Update: 4 years ago
  • Brussels, Région de Bruxelles-Capitale, Belgium

Eurozone finance ministers are expected to meet to discuss several EU crisis in crisis and consider the bailout plan for Cyprus, which has just completed a presidential election and a runoff round .

After the last meeting early February, Eurogroup Chair Jeroen Dijsselbloem told the press conference, that the finance ministers were "looking at the complete package" for a Cypriot rescue plan.

He stated the crisis in Cyprus is "complicated" because of the size of the island's banking sector, about 8 times bigger than GDP. He said the ministers "all agree that a solution has to reached" but added: "We’ll try to reach a decision in March."

Cyprus requested a bailout last autumn but an estimated €17 billion is required and concerns have been raised that Cypriot banks are used by Russian money launderers.

Ways to help Portugal and Ireland to successfully exit their programmes will also be discussed.

- Centre-right on course for victory in Cypriot election

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