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situation report

Nov 23, 2012 | 16:35 GMT

Cyprus: Government, Troika Reach Bailout Agreement - President

Cyprus has reached an agreement with representatives of the European Commission, European Central Bank and International Monetary Fund on a bailout for the country, Cypriot President Demetris Christofias said in a statement Nov. 23, Xinhua reported. Christofias added that the full amount needed to recapitalize financial institutions is expected to be announced in early December. The primary goal of the bailout will be to prop up the country's banks, which are heavily exposed to Greek debt.

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