The cost of bailing out Cyprus has swollen to euro 23 billion ($30 billion), with the crisis-hit country having to take on the lion's share of the measures needed to avoid bankruptcy, according to a draft document by the country's international creditors.
The draft document, obtained by The Associated Press on Thursday, says the restructuring imposed on Cyprus' financial system, including heavy losses on large bank deposits, additional taxes, privatisations and a part-sale of the central bank's gold reserves are expected to net 13 billion euros ($ 17 billion).The country's international creditors the European Commission, the European Central Bank and the International Monetary Fund are set to grant the Mediterranean island nation a 10 billion euros ($ 13 billion) rescue loan package.