Cyprus concludes bailout talks, aid to flow in May

Cyprus has concluded talks with its international creditors on the terms of its 10-billion euro ($12.85 billion) bailout and will get its first installment of aid in May, the government said on Tuesday.

"We have concluded on a memorandum. This is a significant development," said government spokesman Christos Stylianides.

Under the terms of the deal, Cyprus will have until 2018 to carry out measures to shore up its finances.

The island's Finance Minister Michael Sarris said financing from lenders would begin in May.

($1 = 0.7784 euros)

(Reporting by Michele Kambas; writing by Harry Papachristou)