Crisis-hit Cyprus will be forced to find an extra €6bn (£5.1bn) to contribute to its own bailout under leaked updated plans for the rescue.

In total, the bill for the bailout has risen to €23bn, from an original estimate of €17bn, less than a month after the deal was agreed – and the entire extra cost will be imposed on Nicosia.

Cyprus's politicians had already faced intense domestic political pressure for agreeing to impose hefty losses on savers at two struggling banks to fulfil its eurozone partners' demands of contributing €7bn.

But after a more detailed "debt sustainability analysis" showed that the black hole in the island nation's finances is far deeper than first thought, the total bill for Cypriot taxpayers and depositors has now been set at €13bn. The €23bn overall bill is larger than the size of the Cypriot economy.

I keep remembering the Labour numpties like Mandelson suggesting we should make adopting the Euro a priority

The European project must survive regardless of who suffers.

It would have been cheaper to let the banks collapse and only protect the insured depositors. That way the Cyprus government would not have to bail out anyone. As this stands their finances will be devastated and the country will be left in ruins.

I keep remembering the Labour numpties like Mandelson suggesting we should make adopting the Euro a priority

But at least they will still be part of the great European family so all will be well.... or else.

I wonder who they're going to rob for this 6 billion?

Portugal and Ireland to be given more bailout repayment time

http://www.bbc.co.uk/news/business-22116270

I wonder will that stop the Irish banks going back to the well...