Cyprus in last-ditch talks to avert meltdown
- 11 years ago
Cyprus' President Nicos Anastasiades, in Brussels for talks with EU and European Central Bank officials over a crucial bailout, is facing an uphill task to save the island's economy, a government spokesman has said.
The unnamed spokesman, who was quoted by the Reuters news agency, said on Sunday Anastasiades had a "very difficult task to accomplish to save the Cypriot economy and avert a disorderly default if there is no final agreement on a loan accord".
Cyprus is seeking a 10 billion euro ($13bn) bailout from the "troika" of international lenders - the European Union, the European Central Bank (ECB) and the International Monetary Fund (IMF) - but has to raise 5.8 billion euros ($7bn) by Monday to qualify for the package.
Al Jazeera's Jonah Hull reports from Nicosia.
The unnamed spokesman, who was quoted by the Reuters news agency, said on Sunday Anastasiades had a "very difficult task to accomplish to save the Cypriot economy and avert a disorderly default if there is no final agreement on a loan accord".
Cyprus is seeking a 10 billion euro ($13bn) bailout from the "troika" of international lenders - the European Union, the European Central Bank (ECB) and the International Monetary Fund (IMF) - but has to raise 5.8 billion euros ($7bn) by Monday to qualify for the package.
Al Jazeera's Jonah Hull reports from Nicosia.