Eurogroup President Jeroen Dijsselbloem has confirmed that Eurozone finance ministers will hold an extraordinary meeting on Friday at 16:00 London time to discuss the Cyprus bailout.

The meeting will be held after the European summit and, more importantly, after negotiations with the Troika (representatives from the European Commission, International Monetary Fund and European Central Bank) are expected to have been finalized.

Dow Jones reported yesterday that Cyprus and its international lenders were negotiating a reduction to the bailout. The agency's sources said both parties are now discussing a €10bn bailout compared to the original €17bn posited, alongside measures aimed at bringing its debt burden down to 100% of GDP by 2020.

JM

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