BREAKING NEWS

Cyprus says options still open on funding for banks

By REUTERS

JUNE 19, 2012 10:51

NICOSIA - Cyprus still has options open to find urgently needed funds to recapitalize its banks, either through the EU rescue fund or through a bilateral loan, its finance minister said on Tuesday.

"We are optimistic we will get the financing we need to recapitalize the banks, whether that will be through a bilateral agreement, or through the mechanism, the EFSF," Finance Minister Vassos Shiarly said. "We believe that with a new Greek government now swifter arrangements can be made (in this direction)."

Cyprus faces a regulatory deadline to find 1.8 billion euros to recapitalize its second largest bank by the end of this month after its balance sheet was damaged by a write-off of Greek debt earlier this year.

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