BREAKING NEWS

Report: Cyprus focus on bilateral aid instead of EU

By REUTERS

JUNE 13, 2012 10:02

NICOSIA - Cash-strapped Cyprus has shifted its focus onto a bilateral loan instead of an EU bailout to recapitalize its second largest bank although both options are still open, media reported on Wednesday.

The euro zone minnow, shut out of capital markets for more than a year, must find the equivalent of 10 percent of its GDP by June 30 to recapitalize Cyprus Popular Bank if no private investor comes forward.

Bilateral lending, which the island's finance minister has repeatedly described as "not the preferred option" is coming back to the forefront as a likely scenario.

Russia, which bailed Cyprus out last year, was back in the frame as a potential lender, newspapers reported.

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