Cyprus to wait till January for bailout

The final results of Pacific Investment Management Co’s assessment of Cyprus’s banks will become available next month, European Commission spokesman Simon O’Connor said on Tuesday.

“The preliminary results of the due diligence exercise are being analyzed,” O’Connor told reporters in Brussels.

“The final results will be available in mid-January.”

Asked if this meant no decision would be made on Cyprus’s bailout request at a meeting of euro-area finance ministers on Thursday, O’Connor said, “The final results are obviously necessary for this to be concluded.”