EUobserver: Cyprus bailout only next year, Germany says

12 November 2012

German finance minister Wolfgang Schäuble said that links with Russia and other "questions" regarding the Cypriot financial sector are likely to delay a bailout decision until 2013.

Schäuble singled out the "relationship to foreign lenders, including Russia" as one of the issues that need to be "clarified". Cyprus is seeking a bailout of up to €15 billion after its banks were hit hard by the Greek crisis.

Nicosia already received a €2.5 billion bailout from Moscow after the 2008 financial crisis and for a while claimed it could do without EU help, hoping Russia would once again come to its aid. Schäuble refused to comment further on the money laundering concerns, but said "all questions need to be clarified" in order to take "responsible decisions" which he can defend to the German public.

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