The euro zone cannot lend more to Cyprus than the 10 billion euro ($13 billion) bailout it agreed at the weekend, French Finance Minister Pierre Moscovici said on Tuesday.
“Above 10 billion euros we are entering into a size of debt that is not sustainable,” Moscovici told reporters.
Cyprus’s parliament is due to vote on Tuesday on a controversial bank deposit tax that is part of the aid package, although a government official said earlier that lawmakers were likely to reject the bill.
The spokesman also said Cyprus President Nicos Anastasiades asked the EU for more aid during a Monday evening conversation with German Chancellor Angela Merkel and EU economics affairs commissioner Olli Rehn.
via Yahoo
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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