CYPRUS is looking to Europe, Russia and China for the best possible bailout terms, officials said yesterday, and could seek as much as €4 billion, or more than a fifth of its economy.
Speculation is mounting that an international bailout is imminent, but the government has kept markets guessing so far.
The European Commission said yesterday it has not received any request for assistance from Cyprus.
Deputy Europe Minister Andreas Mavroyiannis said €1.8 billion was needed within the next few weeks to recapitalise the Popular Bank but that other banks may need money too.
He said if Cyprus chose to tap the EU bailout mechanism it might ask for more than the €1.8 billion to be on the safe side.Read More