Cyprus has not requested additional financial assistance from Troika

The Cyprus Government has not requested additional financial assistance under the Memorandum with the Troika, Government Spokesman Christos Stylianides has said.

In a written statement, Stylianides clarified that “what the President of the Republic is discussing with European officials is the possibility of increasing European funds, for growth and social cohesion”.
On Thursday, Stylianides said that inaction by the previous government has led to an increase of nearly 6 billion euro in the amount of the loan Cyprus will receive from its international lenders (EU Commission, IMF and European Central Bank). The bailout amount soared from 17.5 billion to 23 billion, he added.

The government has concluded a deal with the Troika of international lenders, which needs to be ratified by national parliaments and the Eurogroup. The Eurogroup reached an agreement with the Cypriot authorities on the key elements necessary for the macroeconomic adjustment programme.
The island’s second largest bank, Cyprus Popular Bank (Laiki), splits into a "good" and a "bad" bank. The bank’s "good" assets are being transferred to the Bank of Cyprus, where a massive haircut is being imposed on uninsured deposits of more than €100,000.