Cyprus will require up to 10bn in aid for banks: document

NICOSIA: Cyprus will require up to 10 billion euros to refinance its banks, severely affected by the euro zone debt crisis and exposure to Greece, according to a draft deal with international lenders seen by Reuters on Friday.

The deal, contingent on approval from euro zone finance ministers and national parliaments, also states that the objective of an adjustment programme with the Mediterranean island is to achieve a primary balance of 4.0 percent of GDP in 2016.