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UPDATE 1-No Cyprus aid decision seen Thursday, maybe January -Juncker
December 13, 2012 / 8:21 AM / in 5 years

UPDATE 1-No Cyprus aid decision seen Thursday, maybe January -Juncker

BRUSSELS, Dec 13 (Reuters) - Eurogroup president Jean-Claude Juncker said he did not expect a financial aid package for Cyprus to be agreed at a meeting of euro zone finance ministers in Brussels on Thursday.

“I don’t think that we can find a definitive solution for Cyprus today,” he told reporters as he arrived for the meeting. “It will probably be done in January.”

Cyprus, one of the smallest economies in the 17-nation euro zone, sought aid in June to buffer banks substantially exposed to debt-crippled Greece.

It says it has reached a preliminary aid deal with the European Union and the International Monetary Fund.

The cost of recapitalising the island’s banking sector could be as high as 10 billion euros - more than half of Cyprus’s annual output.

That would make the bank bailout one of the biggest ever as a proportion of GDP, the island’s central bank governor Panicos Demetriades said on Wednesday, second only to the 1997 bank bailout in Indonesia.

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