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Friday, January 11, 2013

EU's Rehn rules out Cyprus debt restructuring

EU Commissioner Rehn speaks during a joint news conference with EU Commission President Barroso in BrusselsBERLIN (Reuters) - The euro zone is not considering a debt restructuring for Cyprus, the EU's top economic official was quoted on Friday as saying, as the heavily indebted island struggles to negotiate an international aid deal. Cyprus applied for a financial rescue last June after its banks suffered huge losses on the EU-approved writedown on Greece's debt. But it has so far failed to persuade its European partners to sign off on the package, given concerns the level of the island's indebtedness means it would be unable to repay the aid without further concessions from international lenders. ...



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