The troika of European Union, International Monetary Fund and European Central Bank will 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.
President Nicos Anastasiades promised on Thursday to work for a swift deal to prop up the island’s banks, which need capital of €8-billion to €10-billion ($10.7-billion to $13.4-billion). The total bailout, including financing for general government operations and to finance existing debt, could be up to €17-billion, equal to Cyprus’s annual economic output.
Two euro zone officials said the ministers who met in Brussels did not agree on how best to finance the bailout, but were committed to a deal by the end of March.
Removing one of the stumbling blocs for an agreement, the new Cypriot
authorities had agreed to an independent review of how Cypriot banks
are implementing anti-money-laundering laws, the euro zone statement
said.
That is likely to appease Germany, which has raised concerns about money-laundering on the island.
Read more: Euro zone to bail out Cyprus – but money laundering must stop - The Globe and Mail
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