No extra cash for Cyprus from EU or IMF
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The European Union and International Monetary Fund will not give Cyprus extra cash to help plug gaping holes in its finances over the next three years, officials said Friday.
Cyprus needs to find 6 billion euros more than originally forecast to meet its share of a 23-billion-euro rescue deal to recapitalize the country's banks, redeem its debts and meet other commitments.
Faced with collapse and possible exit from the euro, the Mediterranean island nation signed up last month for 10 billion euros from the EU and IMF. In return, it committed to make its own contribution by shrinking the bloated banking sector, increasing corporate and capital gains taxes, and selling off state assets.
"The program is going to be 10 billion (euros) as agreed," said Dutch finance minister and eurogroup president Jeroen Dijsselbloem.
Eurozone finance ministers backed the Cyprus rescue at a meeting Friday. The backing clears the way for national parliaments to begin approving the bailout, a process that could be wrapped up by the end of next week, according to the EU's top economic official, Olli Rehn.
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