Cyprus Central Bank urges bailout deal by December

AP News
Posted: Nov 13, 2012 7:36 AM

NICOSIA, Cyprus (AP) — Cyprus' Central Bank chief says "it's very important" to sign a bailout agreement with potential creditors by next month in order to calm jittery investors.

Panicos Demetriades says investment firm PIMCO and auditors Deloitte will come up with a preliminary figure toward the end of this month, or early December, on how much money the country's ailing banks will need to recover from their huge exposure to Greece.

Demetriades told private TV station Sigma Tuesday that this would help bridge a disagreement between Cypriot authorities and officials from the European Commission, the European Central Bank and the International Monetary Fund over the banks' actual needs.

Leaving the Left
John Stossel

Cyprus, which would become the fourth euro country to be bailed out, is thought to need between €11-17 billion ($14-21.6 billion).