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News number: 9107160108

15:30 | 2013-04-12

World

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Cyprus to Appeal to EU for Extra Bailout Funding

TEHRAN (FNA)- Cyprus President Nicos Anastasiades said that Nicosia will appeal for extra funding assistance from the European Union.



On Thursday, it emerged that Cyprus would need to raise an extra 6 billion euros ($7.8bln; £5.1bln) to secure a 10 billion euro bailout from Brussels and the International Monetary Fund (IMF).

The president now says he is writing to EU leaders, asking them to change their policy towards Cyprus, BBC reported.

Anastasiades made the announcement ahead of a eurozone finance ministers meeting in Dublin.

According to a draft document prepared by the country's creditors, the cost of the rescue has risen to 23 billion euros from 17.5 billion euros, with Cyprus now having to find 13 billion euros of this.