Cyprus forced to find extra €6bn for bailout, leaked analysis shows

[dipsydoodle]

Source: Guardian

Crisis-hit Cyprus will be forced to find an extra €6bn (£5.1bn) to contribute to its own bailout under leaked updated plans for the rescue.

In total, the bill for the bailout has risen to €23bn, from an original estimate of €17bn, less than a month after the deal was agreed – and the entire extra cost will be imposed on Nicosia.

Cyprus's politicians had already faced intense domestic political pressure for agreeing to impose hefty losses on savers at two struggling banks in order to fulfil its eurozone partners' demands of contributing €7bn.

But after a more detailed "debt sustainability analysis" showed that the black hole in the island nation's finances is far deeper than first thought, the total bill for Cypriot taxpayers and depositors has now been set at €13bn. The €23bn overall bill is larger than the size of the Cypriot economy.

Read more: http://www.guardian.co.uk/business/2013/apr/11/cyprus-bailout-leaked-debt-analysis-bill

[midnight]

1. The only response to this nonsense is that the bankers were mistaken in the fact that they

were going to be able to get more money from the citizens private accounts.... For the sake of the people at the mercy of this disaster I hope common sense steps in....

[dipsydoodle]

2. Not the bankers , who have no say in the matter ,

the Cyprus government itself.

Something is odd anyway because just the Russian deposits were alleged to be between €30 billion and €70 billion , depending on who you believed , and even 40% of just €30 billion is €12 billion which in theory should cover the whole €12 billion or so needed anyway.

[quadrature]

3. welcome news

don't deposit in sleazy banks

[Javaman]

4. shaking down the poor for more. nt