BREAKING NEWS

Cyprus bailout cost may be half its economy

By REUTERS

JUNE 26, 2012 08:28

NICOSIA - Cyprus, which became the fifth euro zone country on Monday to seek emergency funding from Brussels, may require a bailout amount worth up to half the size of its economy, domestic media reported on Tuesday.

The Mediterranean island, with a banking sector heavily exposed to debt-crippled Greece, said on Monday it was formally applying for aid from the European Union's rescue funds.

Cyprus needs to plug a 1.8 billion euro - or 10 percent of its GDP - regulatory capital shortfall in its second largest lender by June 30. Potential aid could be more comprehensive to cover fiscal requirements, Finance Minister Vassos Shiarly told Reuters.

Newspapers reported that aid could be anything between 6 and 10 billion euros.

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