Cyprus admits deficit will exceed forecast

On 23 August 2012 during the negotiations with international lenders for a bailout to rescue Cypriot banks, the Cyprus government spokesman Stefanos Stefanou announced that Cyprus will most probably exceed its fiscal deficit target for 2012 and the deficit will amount to 4.5% unless measures are taken to improve its finances.

ESO: Background information: Cyprus requests eurozone bailout http://www.europeansources.info/record/cyprus-requests-eurozone-bailout/

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