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Image header Agence Europe
Europe Daily Bulletin No. 10754
ECONOMY - FINANCE - BUSINESS / (ae) cyprus

Cyprus rolls over its debt

Brussels, 18/12/2012 (Agence Europe) - On Tuesday 18 December 2012, the Cypriot finance ministry said it had rolled over all its outstanding debt, thus calming the concerns raised on 17 December when a high-ranking Cypriot official warned that the country would go into default if it were unable to roll over between €250 million and €300 million over the next few days because there was no Plan B if the talks with the troika (The European Commission, the European Central Bank and the IMF) fell through. The finance ministry explained that Cyprus “has secured all its current financing needs.” The amount of aid that will be needed is not yet known for certain, but it could be in the region of €18 billion, about the same as the country's annual GDP. (EL/transl.fl)

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