Cyprus clarifies additional bailout funds not needed

The Cypriot government clarified on Friday that President Nicos Anastasiades did not mean the country needed more bailout money when he mentioned additional funding in letters to EU officials."What President Anastasiades is discussing with European officials is the possibility of European funding for development and social cohesion," said government spokesperson Christos Stylianides in a statement just before a Eurogroup finance ministers meeting in Dublin gave political backing to a 10-billion-euros (13 billion U.S. dollars) bailout deal.Stylianides said letters by Anastasiades to European Council President Herman Van Rompuy and European Commission head Jose Manuel Barroso requested financial help out of structural funds to help restart the economy after the Eurogroup imposed a crippling haircut on bank deposits.The Eurogroup finance ministers meeting in Dublin approved a bailout memorandum based on an assessment by the European Commission, under which EU will provide 9 billion euros, the International Monetary Fund 1 billion euros and Cyprus 13 billion euros.The total amounts to 23 billion euros, up by 5.5 billion provided for in a preliminary bailout deal concluded in November, 2013, but finalized only this month.The president's remarks had led to speculation that he was referring to an increase in foreign contribution towards Cyprus' bailout.