News Summary: Cyprus bailout grows to $30 billion

News Summary: Cyprus bailout grows to $30 billion; brunt of financial burden on island nation

Associated Press

BAILOUT INCREASE: The cost of bailing out Cyprus has grown to $30 billion from $17 billion, according to a draft document by the country's international creditors.

IT'S ON CYPRUS: Cyprus itself must take on the lion's share of the measures needed to avoid bankruptcy. It would need to raise $17 billion — about double the amount agreed to last month — by imposing heavy losses on large bank deposits, levying more taxes and other measures.

CREDITORS: The European Commission, the European Central Bank and the International Monetary Fund would lend Cyprus $13 billion to recapitalize its shaky banking system and keep the government afloat. That amount is unchanged from the previous agreement.

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