Cyprus To Ask for EFSF Aid Next Week: German Press
FRANKFURT (MNI) - Cyprus plans to ask for its own EFSF bailout next week, which would make it the fifth Eurozone country to seek outside aid, German business daily Handelsblatt reported Thursday, citing a diplomatic source.
The funds will be aimed at bailing out Cyprus' banking sector, the paper reported. However, a separate report in Germany's Frankfurter Allgemeine Zeitung said it was not yet clear whether the loan will be limited to recapitalizing Cypriot banks, or will constitute a full-blown government bailout program.
Neither paper cited the exact amount of funds Cyprus needs, though FAZ said the request was expected to be for less than E10 billion. The plans come as Spain is expected to make its own formal request for a bank bailout of up to E100 billion at a meeting of Eurozone finance ministers later Thursday.
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