Cyprus said Thursday the cost of its EU-IMF bailout has surged to 23 billion euros ($30 billion), putting the teetering economy in danger of collapse and further endangering big bank deposits.
A man walks past a street vendor's cart parked outside a Bank of Cyprus branch in central Nicosia on April 11, 2013. Cyprus confirmed day that the cost of its EU-IMF bailout has surged to 23 billion euros ($30 billion) from 17.5 billion euros, putting the already teetering economy in danger of collapse.
"It's a fact the memorandum of November talked about 17.5 billion (euros) in financing needs. And it has emerged this figure has become 23 billion," said government spokesman Christos Stylianides.