U.S. Markets closed

News Summary: Cyprus rules out privatization

The Associated Press

NO SALES: Cyprus' president says he would refuse any request by international lenders to sell state-owned companies as part of a bailout for the country.

GREECE SKIDS: Cypriot banks, which took huge losses on Greek debt and loans, are estimated to need up to €10 billion ($13.19 billion). A draft of the bailout deal by rescue creditors says Cyprus will have to consider privatizations.

PRIVATE PROBLEM: President Dimitris Christofias says if creditors insist on including privatizations, the deal would have to wait for the next government. Cyprus holds presidential elections on Feb. 17 and Christofias is not seeking re-election.