Next step on bailout is up to Cyprus : Austria finance minister

Published March 20, 2013

| Reuters

Cyprus must make the next move if it wants to revive its international bailout and European institutions will not fund it forever on current terms, Austrian Finance Minister Maria Fekter said on Wednesday.

"We will certainly help the Cypriots but only under conditions that make sense. Certainly neither the ESM (euro zone bailout fund) nor the ECB can allow a bottomless pit," she told reporters, adding lenders cannot accept any measures that increase Cyprus's debt further.

Cyprus overwhelmingly rejected a proposed levy on bank deposits as a condition for a European bailout on Tuesday, throwing international efforts to rescue the latest casualty of the euro zone debt crisis into disarray.

(Reporting by Michael Shields; editing by Patrick Graham)

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