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Mon Jan 21, 2013, 11:53 PM

Cyprus bailout delayed until spring

Source: The Guardian

Eurozone finance ministers have told the government of Cyprus that a 17bn (14.4bn) bailout must wait until the spring following concerns about the size of the rescue package, equivalent to the Mediterranean island's annual GDP.

Jean-Claude Juncker, the outgoing head of the group, said a decision on a package would be left until at least March because "negotiations are ongoing".

Juncker warned that negotiations would be tough ahead of a decision to hand the Eurogroup's presidency to Dutch finance minister Jeroen Dijsselbloem.

Cyprus will be the next big battleground for the Eurogroup, which must also judge the progress being made by Ireland, Portugal and Greece in meeting targets to reduce their debts.

Read more: http://www.guardian.co.uk/business/2013/jan/21/cyprus-bailout-delayed-eurogroup-juncker-dijsselbloem

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