Cyprus bailout talks make "good progress"

NICOSIA, Cyprus Cyprus' potential international creditors say they have made "good progress" in negotiations on a possible bailout for the crisis-hit country and that long-distance talks would continue on securing an agreement.

The so-called troika of the European Commission, the European Central Bank and the International Monetary Fund say they are awaiting the results of an investigation into how much Cyprus' ailing banks will need to recover. This will help determine the size of a bailout that won't push the country's debt to unsustainable levels.

However, the announcement falls short from widespread expectations in Cyprus that formal confirmation of a bailout would have been announced on Friday.

Cyprus sought international aid in June to support its banks which took huge losses on bad Greek debt and loans and to pay its bills.