Cyprus expects Troika bailout talks by as early as next week

Cyprus's finance minister said today that he expected final negotiations to start with lenders on financial aid possibly by next week.

Vassos Shiarly told reporters that a figure had not been set for Cyprus's financial needs.

This is because of a difference of opinion between the government and lenders.

There is widespread speculation that the country's bailout will exceed €10 billion, or 60% of its GDP.

Cyprus applied for aid from the EU and the IMF in June to support its banks after they reported massive losses on their exposure to Greece.