NICOSIA, Cyprus (AP) — Cyprus is aiming to get a bailout of about €11.5 billion ($14.9 billion) from the other 16 countries that use the euro to recapitalize its troubled banks and pay its bills, officials said Thursday — significantly less than what its potential rescuers estimate it needs.
Finance Minister Vassos Shiarly has repeatedly said that Cyprus needs around €4 billion to cover expenses until 2016. But he has steadfastly refused to say how much would be needed for its banks — only that government estimates differ greatly from those of the international organizations it is currently negotiating a bailout with — the “troika” of the European Commission, the European Central Bank and the International Monetary Fund.
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