Published April 12, 2013
NICOSIA – Cyprus said on Friday that an increase in its total gross financing needs to 23 billion euros - most of which it will find on its own - from an initially envisaged 17.5 billion would not lead to additional demands on bank depositors.
The island state is to receive 9 billion euros from the euro zone's bailout fund and 1 billion euros from the IMF, while Cyprus itself will come up with the remaining 13 billion euros. Projections from last November had estimated the island needed 17.5 billion euros in total.
"This (increase) in no way means new recapitalizations of the banks are planned, nor an additional burden on depositors," a government spokesman said.
Cyprus and the European Union have agreed in principle how it will provide its 13 billion euro contribution to the bailout package.
(Reporting By Michele Kambas; Editing by Hugh Lawson)