ECONOMY

EU and IMF officials assess Cyprus?s economy

Cyprus?s government spokesman said on Tuesday representatives of the European Union and the International Monetary Fund have started their assessment of the country?s economy as part of talks on a bailout package.

Stefanos Stefanou (photo) said that the government will have an indication of the EU?s and IMF?s views later this week.

He said the assessments will determine the size and conditions of the bailout package that the island nation requested from its eurozone partners last month to support its Greece-exposed banking sector.

Cyprus?s economy is projected to shrink by 1.5 percent this year.

Credit rating agency Standard