EU, IMF Refuse To Give Cyprus Extra Cash
After meeting in Dublin, the European Union and International Monetary Fund have denied Cyprus extra financial aid the island needs to raise €13 billion for its financial bailout, reports The Telegraph. The original number estimated to help Cyprus avoid bankruptcy was €17.5 billion, but the estimate has risen to over €23 billion. Despite the rise in costs, the EU and IMF are sticking to the original agreement, contributing €10 billion for the recovery program.
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