April 12, 2013 9:08 AM

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Cyprus bailout pegged much higher:Eurozone Fin Mins meeting to finalize aid package

Eurozone Finance Ministers meet later today to finalise a bailout for Cyprus amid news that the country needs much more money than first thought.The meeting in Dublin will review how Cyprus can raise its contribution to the bailout being put together by the European Union and IMF.According to Cyprus'creditors, the cost of the rescue has risen to 23 billion euros from 17.5 billion euros.Meanwhile, Cyprus has loosened the capital controls it imposed last month. In order to secure 10 billion euros from the EU and International Monetary Fund, Cyprus will have to find the remaining 13 billion euros, about 6 billion euros more than previously thought.A Cypriot government spokesman confirmed yesterday that one fund raising option being considered was the sale of some of the country's gold reserves.

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