Bloomberg News

Cyprus Is Unlikely to Get Spanish Rescue Terms, Kathimerini Says

June 24, 2012

Cyprus is unlikely to get similar treatment to Spain if it applies for a European rescue as it will have to address serious imbalances in its economy, Kathimerini reported, without saying how it got the information.

Spain became the fourth euro-area nation to seek a bailout on June 9, with a request for as much as 100 billion euros ($126 billion) to rescue its banks. The euro area will impose no extra budget-austerity requirements on Spain’s government, European Union Economy Commissioner Olli Rehn said.

Cyprus’s negotiations on receiving funds from the European Financial Stability Facility won’t be affected even if it resorts to a bilateral loan from Russia, the Nicosia-based newspaper reported. The euro area’s third-smallest economy may need as much as 9.9 billion euros in rescue funds until it can regain bond-market access, Kathimerini said.

To contact the reporter on this story: Stelios Orphanides in Nicosia at sorphanides@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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