Business

Thursday 21 September 2017

Euro finance ministers to meet on Cyprus on Sunday

FINANCE ministers from the 17-nation euro zone will hold talks on Sunday about a revised bailout of Cyprus, two euro zone sources told Reuters tonight.

The meeting was scheduled as Cypriot leaders said they were closing in on a deal to raise billions of euros demanded by the European Union in return for a bailout to avert a financial meltdown.

 

Cyprus was just hours away from a deal to raise billions of euros and unlock a bailout from the European Union, its ruling party said.

 

Cyprus's president would travel to Brussels at the weekend if a solution was found there to the bailout programme, a government official said.

 

European Council President Herman Van Rompuy and European Commission President Jose-Manuel Barroso also put out a statement on Friday evening saying they were postponing a planned EU-Japan summit in Tokyo due to the Cyprus problem.

 

"The ongoing efforts to find a solution for the financial situation of Cyprus require our presence in Brussels," the two said in a joint statement.

 

The summit had been designed for the formal launch of free trade talks between the European Union and Japan.

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