Eurozone finance ministers and the International Monetary Fund (IMF) said Wednesday that they were ready to help Cyprus with a full bailout, covering both its banking sector and its budget deficit, according to dpa. The island nation applied for help on Monday, becoming the fifth eurozone nation after Greece, Ireland, Portugal and Spain to seek outside financial help. In a statement issued after a teleconference, the Eurogroup panel of eurozone finance ministers said they would provide aid "in the framework of a comprehensive adjustment programme" to address the Cypriot economy's "financial, fiscal and structural challenges." The European Central Bank, as well as the IMF, will be involved in negotiations with the Cypriot government, the Eurogroup said.
