EU leaders talk of Cyprus bailout for end of March

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EU leaders talk of Cyprus bailout for end of March

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A bailout for Cyprus could be on the cards by the end of March following talks in Brussels. The news comes after recent comments by EU Commissioner for economic affairs, Olli Rehn, that Cyprus could leave the eurozone if it became ‘disorderly insolvent’.

The Eurogroup discussed a rescue deal for the island nation, but details are lacking on how it will be financed. Cyprus requested the bailout under the previous government last year. Seventeen billion euros are needed to save Cyprus. With a new government in control after recent elections, Eurogroup president Jeroen Dijsselbloem was happy with progress made towards making its financial institutions more transparent.

Eurozone members congratulated Greece on its efforts to shore up its economy and released 2.8 million euros to Athens.

Euronews correspondent Isabel Marques da Silva was in Brussels to get the lowdown.

“The requests from Portugal and Ireland to have a time extension for their troika loans repayments was accepted, but it also has to be discussed with 10 other EU countries. If they get the green light from the 27 ministers, the troika will be asked to present solid proposals for extra help for these two countries under the bailouts.”