Cyprus bailout decision pushed to September
Tuesday 10 July 2012
Eurozone finance ministers will put a figure on a bailout loan to the Cypriot government by September, once a final assessment by a troika of EU and IMF officials is complete. Ministers heard, on 9 July, from a ‘scoping mission’ sent to Nicosia last week. A full troika is due in the capital, on 16 July. Cyprus is seeking a loan of at least €2.5 billion to fill a capital hole in Cyprus Popular Bank, which sustained massive losses after a Greek debt restructuring earlier this year. The government is seeking to complement any EU-IMF loan - which will be accompanied by a full, Greek, Irish or Portuguese-style austerity programme - with bilateral funding from Russia or China.