Cyprus seeks front loading of bailout money

Apr 12, 2013, 7:56 AM EDT
Cyprus' President Nicos Anastasiades addresses a conference of civil servants in Nicosia March 29, 2013.
REUTERS/Bogdan Cristel

Cyprus has asked its international lenders to front load their €10 billion contribution to its bailout because of the island's recession. Cypriot President Nicos Anastasiades said he would ask for extra assistance given the bad economic situation of the island. Cyprus's economy is forecast to contract 9% this year and 4% in 2014 before returning to growth in 2015. E.U. officials say Cyprus has not asked for more money, but help in taking in what has been agreed. Ahead of a two-day meeting of European finance ministers in Dublin Luxembourg's finance minister said that Europe and the International Monetary Fund could not increase the total.