Dijsselbloem says Cyprus is going to go through a very hard time

Speaking ahead of today's Eurogroup meeting, Jeroen Dijsselbloem has said that he hopes to reach agreement on the Cypriot Memorandum of Understanding today. He has confirmed that discussions of Slovenia are not on the agenda. Both Dijssebloem and the Luxembourg finance minister Luc Frieden have both confirmed that the Cypriot bailout program will total €10bn of a package expected to cost €23bn.

Cyprus's new finance minister Harris Georgiades has said that he sees growth returning to Cyprus in two years.