Tagged: Debt Crisis

It's going to cost more to bail out Cyprus than originally projected, with officials now saying the cost will be $30 billion instead of the original estimate of $23 billion.

"It's a fact the memorandum of November talked about 17.5 billion [euros] in financing needs. And it has emerged this figure has become 23 billion [euros]," government spokesman Christos Stylianides was quoted by the BBC as saying on Thursday.

The latest statistics show Greece and Spain with the highest unemployment rates in the eurozone, both at more than 26 percent. For young Greeks, the numbers are much worse: Nearly 60 percent of people under 25 are out of work, a figure that is expected to rise.

These aren't just numbers for 24-year-old Marios Kyriakou, who was recently sipping a sweet espresso freddo at an arty cafe in his neighborhood. He says he's even had to cut back on that small pleasure.