ECONOMY

Cyprus wary of big borrowing after bailout

cyprus-wary-of-big-borrowing-after-bailout

Confident of better ratings and cheaper funding as it exits a eurozone bailout, Cyprus is wary of planning major new borrowing to help fund any reunification and may not need it, Finance Minister Harris Georgiades said on Tuesday.

He said Cyprus would make a “clean exit” from its 2013 program, confirming the Eurogroup’s assessment on Monday that the island’s bailout program will end in March.

Speaking in Brussels after a eurozone finance ministers’ meeting, Georgiades said he had no need for a precautionary credit line from institutional lenders and saw no need to add further support for Cypriot banks.

[Reuters]