ECB’s Demetriades: Cyprus’ banks are the main reason for bailout request

• Final bank recapitalization figure is expected by Jan 15, following Pimco’s Cyprus bank review
• Bailout will set conditions for future growth
• Country faces challenges in 2013 ( NSS)
• Reorganization of the banking sector is the only option
• European partners need to be convinced of Cyprus’s commitment

(Demetriades is also governor of the Central Bank of Cyprus)