EU 'working hard' to help Cyprus

Cyprus has made "significant progress" in talks with the EU and IMF aimed at securing a bailout, Cypriot Finance Minister Michael Sarris has said.

Cyprus has to raise 5.8bn euros (£4.9bn; $7.5bn) before Monday to secure a 10bn-euro loan.

The EU Commissioner for Economic and Monetary Affairs, Olli Rehn, said intensive work and contacts would continue in the coming hours.

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