Cyprus talks to continue; no deal yet

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Associated Press

Posted on March 23, 2013 at 10:35 PM

Updated Sunday, Mar 24 at 1:04 AM

NICOSIA, Cyprus (AP) — There's no deal agreement yet on a plan to raise the money Cyprus needs to qualify for a bailout package.

Cypriot officials and international representatives ended torturous negotiation in the early hours of Sunday with no deal.

Talks are set to resume later Sunday in Brussels, but time is running out: Failure would mean Cyprus could declare bankruptcy in just two days and possibly have to exit the eurozone.

The president of Cyprus and his finance minister will travel to the Belgian capital early Sunday. A viable plan must be cemented before finance ministers from the 17 countries that use the euro currency meet in Brussels in the evening.

Cyprus has been told it must raise 5.8 billion euros ($7.5 billion) in order to secure 10 billion euros in rescue loans from other European countries that use the single currency, as well as from the IMF.

The European Central Bank has said it will stop providing emergency funding to Cyprus' banks after Monday if no new plan is in place.

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