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Image header Agence Europe
Europe Daily Bulletin No. 10748
ECONOMY - FINANCE - BUSINESS / (ae) cyprus

PIMCO report talks of €9.3 billion bailout for Cypriot banks

Brussels, 10/12/2012 (Agence Europe) - On Saturday 8 December, the Cypriot government and the future troika of lenders to the country (the European Commission, the European Central Bank and the IMF) received an interim audit report on Cypriot banks by PIMCO investment fund, including details of bank recapitalisation requirements. The report had not yet been published on Monday, but close sources said some €9.3 billion will be needed. The draft agreement being drawn up by the troika talks of €10 billion, just under 60% of the country's GDP. The board of Cyprus' central bank announced on Saturday that it had started examining the report - the final version of which will be available in early January 2013. Cypriot finance minister Vassos Shiarly hopes to get an austerity package voted in, including tax rises and cuts in public spending, ahead of the Eurogroup meeting on 13 December. Cyprus hopes agreement will be reached on a bailout package before the end of the year. (EL/transl.fl)

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