Cyprus President Nicos Anastasiades announced he will ask for extra help from the European Union regarding their country’s bailout.

The country needs to raise extra 6bn euros to secure a 10bn-euro bailout from Brussels and the IMF.

Although the president is not asking for more money, he is urging EU leaders to change their policy towards Cyprus.

According to a draft document released by country creditors, the bailout has risen to 23bn euros from 17.5 billion euros.

The 10bn euro part of the bailout, which will come from Europe and the IMF, is about to be approved by the member states’ national parliaments, the minister meeting in Dublin said.

According to the analysts, the increase in the cost of the bailout meant the country faced huge new challenges. Jonathan Loyes, chief European economist at Capital Economics said that the biggest burden of the increase in the bailout will fall on depositors and bank bondholders, whose combined contribution will rise from an expected 5.8bn euros to 10.6bn euros.

Can Cyprus raise the money? Find out more in this BBC article.

the author

Cody Lederman is a Certified Public Accountant for an accounting firm. He's also a professor in different taxation courses in a university in New York.