Aid from the ESM to recapitalize the banking system for the next five years. Hope to get them Cyprus, or at least if the central bank governor Panicos Demetriades. The head of the Nicosia central bank told the German newspaper Handelsblatt that "it would be very important for the ESM to recapitalize our banks directly from January 2013".
But above all, Demetriades explained, “a three-year program may not be enough, even if we hope so. It will probably take four or five years." According to official estimates, Cyprus would need 13 billion euros to cover the needs of sovereign financing and those of the banking sector.
During the meeting of finance ministers of the eurozone on the Mediterranean island, the president of the Eurogroup, Jean-Claude Juncker, put pressure on the Cypriot government to quickly draw up the bailout plan: "Cyprus and the troika will have to step up , there is no more time to lose. The answers to the problems of this country - and they are very serious - will be found in the coming weeks".
The country has sufficient cash reserves to cover financing needs until late October or early November.
