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18 December 2012

Kathimerini: Cyprus says financing secured, no danger of default

Cyprus said on Tuesday it would not default on its payments and had secured necessary financing to meet its immediate requirements.

The island is awaiting a credit line of up to €17.5 billion from international lenders after its banks suffered huge losses to debt-crippled Greece.

The government had "secured all its current financing needs", the finance ministry said in a statement.

Cyprus has been shut out of international capital markets for more than a year and has been heavily reliant on high yield, short-term domestic borrowing either from banks or pension funds.

Full article

© Kathimerini

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