Cyprus' bailout talks to restart this week

  • Associated Press
  • November 7, 2012 - 12:53 AM

NICOSIA, Cyprus - Cyprus' government spokesman says talks with potential creditors on forging a bailout agreement for the crisis-hit country will resume this week.

Spokesman Stefanos Stefanou said in a written statement Wednesday that a negotiating team from the European Commission, the European Central Bank and the International Monetary Fund is due to arrive here on Thursday, with talks set to restart the following day.

The announcement puts an end to mounting uncertainty over when negotiations would restart as the country faces a cash-crunch toward the end of the year.

Cyprus sought financial aid in June to support its ailing banks that suffered massive losses on Greek government debt and bad loans.

Cypriot authorities are hoping for a swift agreement on a deal estimated to hover between (EURO)11-17 billion ($14-21.7 billion).

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