Cyprus bailout to be up to 10 billion euros: officials

Reuters News
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Posted: Jun 26, 2012 3:31 AM

BRUSSELS (Reuters) - Cyprus, which applied for a bailout form the euro zone on Monday, is likely to need up to 10 billion euros ($12.5 billion), euro zone officials said on Tuesday.

"The exact number has not been decided yet. It was to be 6 billion for the state financing and 2 billion for the banks, but that is optimistic - it is more likely to be seven and three - up to 10 billion euros in total," one euro zone official said.

A second official confirmed the amount was likely to be up to 10 billion euros. ($1 = 0.8013 euros)

(Reporting By Jan Strupczewski in Brussels and Gernot Heller in Berlin; editing by Rex Merrifield)