BERLIN - The German government said on Wednesday the euro zone had not yet taken any decision on a bailout request from Cyprus while Berlin`s own position has not changed since last week’s meeting of finance Ministers from the currency zone.
"There is no new position on Cyprus. Germany, just like its European partners, has not yet taken a decision on aid to Cyprus, neither in the positive nor the negative sense," Reuters cited German government spokesman Steffen Seibert as saying.
Asked about the possibility of Russia granting Cyprus an extension to its five-year 2.5 billion euro loan, German finance ministry spokesman Martin Kotthaus said any contribution from non-euro zone countries with a stake in Cyprus was welcome.
Excluded from the international capital markets since April 2011, Cyprus applied on June 25 for financial assistance after its two largest banks sought state support following massive losses as a result of the haircut of the Greek sovereign debt.
The Cypriot programme is estimated to reach 17.5 billion euro, which practically equal to the island`s GDP.
The Cypriot authorities and the Troika have agreed on a four-year adjustment programme providing for measures totaling 7.25% of GDP (1.29 billion euro) for the period of 2012-2016. The Cypriot package cannot be agreed as capital needs of the banking sector have yet to be determined.