Oops. Looks like Cyprus might not be out the woods just yet.
http://www.guardian.co.uk/business/2...-analysis-bill
Quote:
Crisis-hit Cyprus will be forced to find an extra €6bn (£5.1bn) to contribute to its own bailout under leaked updated plans for the rescue.
In total, the bill for the bailout has risen to €23bn, from an original estimate of €17bn, less than a month after the deal was agreed – and the entire extra cost will be imposed on Nicosia.
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And even if they manage to find another 6 billion euros down the back of the sofa, or more likely in the accounts of their residents, they could still be in the brown stuff.
Quote:
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Cyprus's economy is expected to suffer a deep recession, with GDP contracting by 8.7% in 2013, and 3.9% next year. However, a government spokesman in Nicosia last week suggested the downturn this year could be far deeper, perhaps up to 13%, which could throw the bailout plans off course within months.
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