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Cyprus starts new round of negotiations with potential creditors on needed bailout


Two men walk at the Cypriot Finance Ministry in capital Nicosia, Friday, Nov 9, 2012. (AP Photo/Petros Karadjias)

NICOSIA, Cyprus - Cyprus is holding a new round of negotiations with its potential creditors on a bailout that the crisis-hit country needs to support its ailing banks and make its payments.

Negotiators from the European Commission, the European Central Bank and the International Monetary Fund are holding meetings Friday with Cypriot Finance Ministry and Central Bank officials.

Talks are expected to carry on into next week, but a senior government official said it's unlikely a bailout deal would be signed now and may have to wait for a later visit of officials from the so-called troika.

Cyprus sought financial aid in June to prop up banks that suffered huge losses on bad Greek debt. The country has enough cash to see it through until year's end, but wants a deal quickly.


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