Cyprus Bailout Gets Even Worse

The amount Cyprus will have to pay to fix its financial sector jumped by €6 billion, Cyprus announced April 11. Originally, Cyprus was going to receive €10 billion from international lenders, and raise €7 billion itself. Now, the latter figure is €13 billion.

Cypriot President Nicos Anastasiades wrote to European Commission President José Manuel Barroso and European Council President Herman Van Rompuy pleading for more money, but he was ignored. Germany made it clear it was not willing to give any extra.