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Eurogroup seeks reducing aid for Cyprus to 10 billion euros

FXstreet.com (Barcelona) - This Friday the Eurozone Finance Ministers will try to establish the amount of the bailout for Cyprus. The country's government pushes for 17 billion euros but the Eurogroup wants to bring it down to 10 billion euros.

The Eurogroup will try to reduce the amount of 17 billion euros, requested by Cyprus, to 10 billion euros, which equals 100% of the country's GDP projected for 2020.

The EU came up with various measures aimed at reducing the amount, although they have not been confirmed yet. One of them would be to apply a special tax to bank deposits, although a complete privatization plan is also being considered.

In any case, apart from the amount of the rescue and the special measures which are to be introduced, the Eurogroup will ask Cyprus to carry out an independent audit aimed at verifying whether the country's banks are implementing necessary anti money laundering measures. Another condition concerns reducing the size of the banking sector in order to level it with the European average.

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