IMF's Lagarde Set to Meet with Christofias
IMF chief Christian Lagarde is set to meet with President Demetris Christofias ahead of the ECOFIN meeting in Nicosia tomorrow. Cyprus' bailout request to the European Financial Stability Mechanism will be the main focus of the meeting this evening.
A team of economic and financial experts from the Troika, which includes the IMF, has already been to Cyprus twice to evaluate its needs. The governments said it requested a bailout on June 26th due to Popular Bank and Bank of Cyprus' losses, which forced both lenders to request state support.
The amount of the bailout has not been agreed, and negotiations are expected to wrap up by the end of September.
Finance ministers from 26 EU countries are arriving on the island tonight, including ECB chief Mario Draghi and Eurogroup head Jean-Claude Juncker.
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