CYPRUS: PIMCO report is being evaluated

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The preliminary report of a due diligence audit, carried out by PIMCO, on the recapitalization needs of Cypriot banks is currently being evaluated, says an announcement, issued by the Ministry of Finance on Tuesday.

It is added that in general terms, the assessment falls within the realm of expectations concerning the restructuring program.

Final results are expected to be issued in mid January 2013, the announcement concludes.

PIMCO’s preliminary report is carried out in the context of Cyprus’ application for financial assistance by the EU bailout mechanism.

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