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Mar 06, 2013
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EU ministers to bail out Cyprus by March
Eurozone finance ministers pledged on Monday to agree a bailout for Cyprus by the end of March but details of how the rescue will be financed are yet to be sorted out. The European Union is also weighing whether to extend Ireland's rescue loans by five years or more, according to two EU officials.
Cyprus requested a bailout in June last year but it was not possible to reach an agreement with the last, communist-led government. A new, conservative government took office last month and negotiations have intensified.
The troika of European Union, International Monetary Fund and the European Central Bank would send a mission of experts to Cyprus on Tuesday for a technical analysis of the country's financing needs and to get a better understanding of the new Cypriot government, ECB board member Joerg Asmussen said.
Source -
http://economictimes.indiatimes.com
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