ECONOMY

Cyprus bailout eyes up to 10 bln euros for banks

Cyprus has made preliminary plans to take up to 10 billion euros from international creditors to recapitalise the island’s struggling banks, its central bank governor said on Friday.

Cyprus is now awaiting an interim report from consultants on the capital needs of its banking sector, anticipated by Dec. 7, one part of a bailout analysts believe could total as much as 17.5 billion euros.

Asked what had been tentatively established as a recapitalisation amount for the banks in a preliminary agreement with the EU and IMF, Governor Panicos Demetriades told journalists: «Nobody actually knows for sure. A figure has been put on the draft MOU ..we can say up to 10 billion euros.”

[Reuters]