Cyprus: Eurozone countries accept bailout request

Published June 27, 2012 6:58pm ET



NICOSIA, Cyprus (AP) — Officials from the European Commission, the European Central Bank and the International Monetary Fund will begin assessing next week how much bailout money Cyprus will need to prop up its banks and flagging economy, the country’s finance minister said Wednesday.

Vassos Shiarly noted that the eurozone group of nations had accepted on Wednesday Cyprus’ request for financial aid. He said experts from the so-called ‘troika’ will carry out an in-depth study into the Cypriot banking system and economy to calculate how much the country will need. He told a news conference that the study will take about a month.

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