Cyprus bailout talks won't wrap up this year: IMF

Talks on a bailout for Cyprus are not expected to wrap up this year, AFP reports citing the International Monetary Fund. "Discussions continue between the Cypriot authorities, the IMF and the European partners on determining a financing solution for the country that is consistent with debt sustainability," an IMF spokesperson said. "We do not expect the discussions to conclude this year." Nicosia requested a bailout in June when its two largest Greek-exposed banks asked for assistance after failing to meet EU capital buffer criteria. The money needed by Cyprus has been widely reported to total 17.5 billion euros ($23.1 billion) -- 10 billion euros for the banks, 6.0 billion euros for maturing state debt and 1.5 billion euros for public finances. On Monday, a finance ministry official warned that Cyprus could default on loan payments due this month unless it can reach an agreement on a bailout within days. The country's entire GDP in 2011 was 17.97 billion euros and, according to 2013 budget projections, it is expected to shrink 2.4 percent this year.