Greece's Lawyer: EU Bailout Will Cost Trillion Euros & Cyprus Is Next

June 21 (Bloomberg Law) -- Lee Buchheit, a partner at Cleary Gottlieb Steen & Hamilton LLP who represented Greece in its debt restructuring, predicts the Eurozone countries will have to double to 1 trillion Euros the money they've set aside to solve the sovereign debt crisis continent-wide. Rather than Spain or Italy, tiny Cyprus is likely to be the next European nation to seek a bailout, he tells Bloomberg Law's Lee Pacchia. Capital controls or something like them will likely be necessary to stem the outflows of money from the See more +

June 21 (Bloomberg Law) -- Lee Buchheit, a partner at Cleary Gottlieb Steen & Hamilton LLP who represented Greece in its debt restructuring, predicts the Eurozone countries will have to double to 1 trillion Euros the money they've set aside to solve the sovereign debt crisis continent-wide. Rather than Spain or Italy, tiny Cyprus is likely to be the next European nation to seek a bailout, he tells Bloomberg Law's Lee Pacchia. Capital controls or something like them will likely be necessary to stem the outflows of money from the bailout-seeking countries, he says. See less -