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Cyprus bailout cost jumps to 23 bn euros from 17.5 bn

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(Globalpost/GlobalPost)

The Cypriot government confirmed on Thursday that the cost of its EU-IMF bailout has surged to 23 billion euros from 17.5 billion euros, putting the already teetering economy in danger of collapse.

"It's a fact the memorandum of November talked about 17.5 billion in financing needs. And it has emerged this figure has become 23 billion," said government spokesman Christos Stylianides.

The statement means Cyprus will now have to find 6.0 billion euros more than the 7.0 billion euros the Nicosia government needed to raise in order to secure the EU-IMF bailout of 10 billion euros.

"Who is responsible for this? How did we get here? It was the fear of responsibility and indecision of the previous government," Stylianides said in remarks to reporters.

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http://www.globalpost.com/dispatch/news/afp/130411/cyprus-bailout-cost-jumps-23-bn-euros-175-bn