Cost of Cyprus bailout 'rises to 23bn euros'

 

The cost of the bailout for Cyprus has increased to 23bn euros ($30bn; £19.5bn), according to a draft document prepared by the country's creditors.

The original cost of the bailout was put at 17.5bn euros.

But the new total, disclosed in a document seen by news agencies, means Cyprus will have to find 13bn euros to secure 10bn euros from the European Union and the IMF.

Previously it was thought that Cyprus would have to raise 7.5bn euros.

Government spokesman Christos Stylianides said: "It's a fact the memorandum of November talked about 17.5bn (euros) in financing needs. And it has emerged this figure has become 23bn.

"Who is responsible for this? How did we get here? It was the fear of responsibility and indecision of the previous government," he added.

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What will the the bailout price be for the bigger ones? Not a bright future ahead of us