ECONOMY

Cyprus says EU help for banks is ?serious? prospect

There is a ?serious? possibility that Cyprus may have to resort to Europe?s rescue mechanism to support its banks, deputy government spokesman Christos Christofides said on Tuesday.

Any resort to a rescue will be ?clearly to support banks and not because fiscal indicators make it necessary,? Christofides told reporters in Nicosia.

The government has plans to refinance debt maturing next year, he said, without giving further details.

[Bloomberg]