Cyprus Bailout Imminent
Published / Last Updated on 15/03/2013
Cyprus Bailout Imminent.
Virtually bankrupt Cyprus looks set to agree an EU bailout worth €17bn today.
EU finance ministers are meeting today and looking to agree a deal that will assist the debt ridden state.
Cyprus has much of the same problems as fellow Mediterranean strugglers Greece and Spain.
The Cypriot banking system is similarly under pressure as the Spanish one, with toxic mortgage debt although concerns are far more reaching as Russian investors have huge money deposits in Cypriot banks.
Our view
Despite being on a knife edge today, the scale of the bailout is much smaller than that of other Euro nations and we see a deal being agreed quote quickly over the next day or so.