Cyprus bailout discussed by finance ministers

<p>Finance ministers are discussing the possibility of a bailout for Cyprus.</p>

Plans to rescue near-bankrupt Cyprus are expected to be presented to finance ministers from across Europe later today (March 15th).

Talks are ongoing regarding the possibility of a bailout for the struggling country, with support of as much as 17 billion euros (£15 billion) being put forward.

Managing director of the International Monetary Fund Christine Lagarde is expected to join eurozone finance ministers in Brussels for the talks but an agreement is not expected ahead of the weekend.

German chancellor Angela Merkel said it is too early to tell how much progress might be made on the talks today.

She added: "Of course, swift negotiations are desirable, but things take as long as they do until they are solved with quality because we need a sustainable solution."

With the instability of the eurozone appearing no closer to improving, the FTSE 100 was recorded at 15:00 GMT as being down 45 points at 6,484.02 from the start of the day's trading.

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