ECONOMY

Cyprus may have to wait for bailout, business groups say

Cyprus may have to wait several months before it receives a bailout from the so-called troika of the International Monetary Fund, the European Commission and the European Central Bank, business groups said.

?They pay a lot of attention to the recapitalization of the banks,? Michael Pilikos, director general of the Cyprus Employers and Industrialists Federation told reporters in Nicosia on Wednesday, after meeting representatives of the so-called troika.

?They told us it is an issue they have not reached any conclusion yet and may need some months to investigate. It is a very complicated issue and their venture will not be that easy?.

Phidias Pilides, chairman of the Nicosia-based Cyprus Chamber of Commerce and Industry who was also a participant in the meeting, said that delegates of the troika visiting the east Mediterranean island for the second time since it asked for a bailout on June 25, will need time to establish the ?exact magnitude of the problems of the banks?. [Bloomberg]