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| Version 2 | Version 3 |
|---|---|
| Eurozone to mull Cyprus bailout | Eurozone to mull Cyprus bailout |
| (about 1 hour later) | |
| Eurozone finance ministers are meeting in Brussels to discuss how to fund a potential 17bn-euro ($22bn; £15bn) bailout for Cyprus. | Eurozone finance ministers are meeting in Brussels to discuss how to fund a potential 17bn-euro ($22bn; £15bn) bailout for Cyprus. |
| Germany has pushed for depositors in Cypriot banks to help pay for the rescue, a process known as a "bail-in". | Germany has pushed for depositors in Cypriot banks to help pay for the rescue, a process known as a "bail-in". |
| But Cyprus fears a bail-in could spark a withdrawal of funds from the country, making its economic situation worse. | But Cyprus fears a bail-in could spark a withdrawal of funds from the country, making its economic situation worse. |
| Meanwhile, Portugal is also seeking to renegotiate parts of its own bailout at the same meeting. | Meanwhile, Portugal is also seeking to renegotiate parts of its own bailout at the same meeting. |
| The Eurogroup meeting is expected to assess the rescue of Portugal, with the possibility that the country will be given slightly longer to pay back the loans it has already received. | The Eurogroup meeting is expected to assess the rescue of Portugal, with the possibility that the country will be given slightly longer to pay back the loans it has already received. |
| The Republic of Ireland may also be granted similar leniency on its bailout, although Irish Finance Minister Michael Noonan said there was "no expectation of an offer being made to Ireland at this stage". | The Republic of Ireland may also be granted similar leniency on its bailout, although Irish Finance Minister Michael Noonan said there was "no expectation of an offer being made to Ireland at this stage". |
| Stabilisation | Stabilisation |
| Cyprus's newly elected President, Nicos Anastasiades, has promised to secure a financial bailout, saying his top priority is to restore Cyprus' credibility. | Cyprus's newly elected President, Nicos Anastasiades, has promised to secure a financial bailout, saying his top priority is to restore Cyprus' credibility. |
| As he arrived for the meeting, the head of the Eurogroup, Jeroen Dijsselbloem, said the eurozone hoped to have a deal for Cyprus by the end of the month. | As he arrived for the meeting, the head of the Eurogroup, Jeroen Dijsselbloem, said the eurozone hoped to have a deal for Cyprus by the end of the month. |
| "Of course we are very glad that there is a new government in Cyprus that we can work with to find a solution for Cyprus," he said. | "Of course we are very glad that there is a new government in Cyprus that we can work with to find a solution for Cyprus," he said. |
| "And, as I have said before, we are probably going to reach an agreement in March, that's what we are aiming at, and it is going to be an agreement which works on stabilisation, both for Cyprus and for the eurozone as a whole." | "And, as I have said before, we are probably going to reach an agreement in March, that's what we are aiming at, and it is going to be an agreement which works on stabilisation, both for Cyprus and for the eurozone as a whole." |
| EU Commissioner for Economic Affairs Olli Rehn warned over the weekend that Cyprus leaving the eurozone remained a dangerous possibility. | EU Commissioner for Economic Affairs Olli Rehn warned over the weekend that Cyprus leaving the eurozone remained a dangerous possibility. |
| "Even if you come from a big EU country, you should be aware that every member of the eurozone is systemically relevant," Mr Rehn was quoted as saying in Germany's Der Spiegel. | "Even if you come from a big EU country, you should be aware that every member of the eurozone is systemically relevant," Mr Rehn was quoted as saying in Germany's Der Spiegel. |
| "If Cyprus becomes disorderly insolvent, it is very likely that would lead to it exiting the eurozone." | "If Cyprus becomes disorderly insolvent, it is very likely that would lead to it exiting the eurozone." |
| Bank bonuses | Bank bonuses |
| The talks will broaden out on Tuesday to include all 27 EU states. | The talks will broaden out on Tuesday to include all 27 EU states. |
| The issue of bankers' bonuses could spark a lively debate after the EU agreed a provisional deal to cap bonuses at one year's salary, despite strong opposition from the UK, which hosts Europe's biggest financial services centre. | The issue of bankers' bonuses could spark a lively debate after the EU agreed a provisional deal to cap bonuses at one year's salary, despite strong opposition from the UK, which hosts Europe's biggest financial services centre. |
| London argues the rules will drive away talent and restrict growth in the financial sector. | London argues the rules will drive away talent and restrict growth in the financial sector. |
| "We continue to have real concerns on the proposals. We are in discussions with other member states," a spokesman for Prime Minister David Cameron said on Monday. | |
| Chancellor George Osborne is likely to argue for changes to soften the pay curbs although he cannot block the deal. |