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Cyprus becomes fourth EU country to ask for bailout | World news | The Guardian

After months of haggling over the details, Cyprus announced on Friday that it had struck a deal with the EU and IMF to bail out its once vibrant but increasingly flagging economy, making it the fourth EU state to apply for a rescue programme since the eruption of Europe's debt crisis.

Hours after a government spokesman announced the step, international creditors confirmed that headway had been made although they stopped short of confirming an agreement had been sealed.

The island's finance minister Vassos Shiarly earlier estimated the financial assistance could be up to €17.5bn - as much as its entire annual economic output - following the battering of Cypriot banks by their exposure to debt-crippled Greece. The final amount will depend on a forthcoming analysis of how much Nicosia will need to recapitalise its lenders.

*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Fri Nov 23rd, 2012 at 03:30:41 PM EST
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