Cyprus is reportedly seeking a €11.5 billion credit line from member states using the euro to help bailout its troubled banks and close its budget gaps.
The island-nation’s bank exposure to Greek debt restructuring already cost it some €4 billion earlier this year.
The exposure compelled Nicosia in June to request an EU-IMF bailout after its two largest banks, Bank of Cyprus and Cyprus Popular Bank, revealed massive fiscal holes due to Greek debt exposure.
Finance Minister ...
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Nikolaj joined EUobserver in 2012 and covers home affairs. He is originally from Denmark, but spent much of his life in France and in Belgium. He was awarded the King Baudouin Foundation grant for investigative journalism in 2010.