Stylianides confirms that Cyprus now needs €23bn


(Pictured: A session in Cyprus' parliament building, Source: Getty)

Cyprus' Christos Stylianides has confirmed reports from a leaked document that suggested Cyprus will need to find another €6bn. This brings the total the island requires from €17bn to €23bn, or an increase of a third of the tiny economy's GDP. Stylianides believes the government will find these funds by April.

Future GDP forecasts have already been slashed as the island's main industry (offshore banking) has been obliterated and consumers and businesses are unlikely to be able to access credit. It was clarified that decisions about Cyprus' gold reserves are the responsibility of Cyprus' Central Bank. As it was signalled that Cyprus wants to ease capital controls, it looks like euros may leave the island soon even if the gold doesn't.

Stylianides announced that the final bailout decision will be taken at the Eurogroup meeting tomorrow. Although how final this version of the final decision is remains to be seen.