New Delhi: The European Union and International Monetary Fund will not give Cyprus extra cash to help plug gaping holes in its finances over the next three years.
However Eurozone finance ministers have formally approved the terms of a Cyprus debt bailout, after some confusion over whether it needed revision, saying it could now go ahead once cleared by national parliaments.
Under last month's accord, Cyprus had to cough up 7.0 billion euros and its creditors -- the EU, the European Central Bank and the International Monetary Fund -- 10 billion euros.
However, because the economy is now expected to fare so badly, another 6.0 billion euros will be needed which Cyprus aims to find via an even more radical and painful restructuring of its bloated banking sector.
With Agency Inputs
First Published: Saturday, April 13, 2013, 12:17