Cyprus bailout edges closer

Cyprus Finance Minister Vassos Shiarly said on Monday talks with officials from the euro area, European Central Bank and International Monetary Fund on funds for the country are at an ?advanced stage? and he expects a first draft of an accord at the so-called troika?s next visit.

Shiarly said the country?s shortfall this year would be around 4.5 percent of GDP, and may fall to 3.5 percent of GDP after some budget measures are enacted.

He spoke to reporters in Nicosia in comments televised live on state-run RIKSAT.


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