NICOSIA — Cyprus may need a bailout of up to 10 billion euros ($12.5 billion), over half the size of its 17.3 billion euro economy, officials said Tuesday, and it has applied to the European Union after apparently not getting anywhere with requests to Russia and China.
"The exact number has not been decided yet. It was to be 6 billion for the state financing and 2 billion for the banks, but that is optimistic. It is more likely to be seven and three, up to 10 billion euros in total," a eurozone official said.
Cyprus secured a 2.5 billion euro loan from Russia in late 2011.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
