NICOSIA, Cyprus (AP) — Cyprus insists it will resist privatizing state-owned companies, even if its public debt burden is deemed too heavy to bear once it receives an international bailout package.

Cyprus is negotiating a bailout of as much as €17 billion ($22.65 billion) — roughly equivalent to its annual economic output — with the so-called ‘troika’ of the European Commission, the European Central Bank and the International Monetary Fund.