Cyprus Said to Seek 11 Billion Euros in Fifth European Bailout - Bloomberg

Cyprus Said to Seek 11 Billion Euros in Fifth European Bailout - Bloomberg

The country’s banks, which lost more than 4 billion euros in Greece’s debt restructuring earlier this year, need 5 billion euros of fresh capital, according to Finance Minister Vassos Shiarly, the people said. The so-called troika that oversees euro-area rescues puts Cypriot banks’ recapitalization needs at about 10 billion euros, the people cited Shiarly as saying.