Cyprus bailout swells to €23 bln

Deals

A draft document by Cyprus’ international creditors shows the island nation will have to take on the lion’s share of the measures needed to avoid the nation’s bankruptcy. The draft document, obtained by The Associated PressThursday, says the restructuring imposed on Cyprus’ financial system, including heavy losses on large bank deposits, additional taxes, privatizations and a part-sale of the central bank’s gold reserves are expected to net €13 billion ($17 billion). The country’s international creditors - the European Commission, the European Central Bank and the International Monetary Fund - are set to grant the Mediterranean island nation a €10 billion ($13 billion) rescue loan package. Cyprus - a member of the 17-nation euro zone - was initially expected to contribute only €7 billion to the bailout package.

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