Eurozone finance ministers meet to decide on Cyprus bailout following Cypriot elections
flickr-IK's World Trip
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
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.