Eurozone targets Cyprus bailout deal this month | Bangkok Post: news

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Eurozone targets Cyprus bailout deal this month

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Eurozone finance ministers said that a long-delayed bailout for Cyprus could be fixed by the end of the month after Nicosia agreed to submit its financial sector to independent scrutiny over concerns of large-scale money-laundering. 

Dutch Finance Minister and Eurozone President Jeroen Dijsselbloem (L) talks with Luxembourg Finance Minister Luc Frieden prior to an Eurozone meeting on March 4, 2013 at the EU Headquarters in Brussels. Eurozone finance ministers said Monday that a long-delayed bailout for Cyprus could be fixed within 10 days after Nicosia agreed to submit its financial sector to independent scrutiny.

Long resisted by the previous, Communist-led Cypriot government, the first face-to-face talks between the other 16 ministers from the euro currency area and their new Cyprus counterpart, Michael Sarris, resulted in a deal to break an eight-month deadlock.

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