Sunday, 3 June 2012

FT : Cyprus nears European bail-out


Cyprus nears European bail-out
Cyprus is increasingly likely to seek European aid to deal with the impact of the Greek crisis on its own banking system, the country’s central bank governor has told the Financial Times.

In an interview, Panicos Demetriades acknowledged that with a deadline of the end of this month to find at least �1.8bn to recapitalise Cyprus Popular Bank, the country’s second largest lender, recourse to the European Union was becoming more probable. The country, Mr Demetriades said, was at “an important crunch time.” 


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