Cyprus's finance minister said on Wednesday he expected final negotiations to start with lenders on financial aid possibly by next week.

Vassos Shiarly also told reporters a figure had not been set for Cyprus's financial needs, because of a difference of opinion between the government and lenders. There is widespread speculation Cyprus's bailout will exceed 10 billion euros ($13 billion), or 60 percent of its GDP.

Cyprus applied for aid from the EU and the IMF in June to support its banks after they reported massive losses on their exposure to Greece. (Reporting by Michele Kambas; Editing by Louise Ireland)