Cyprus applies for EU bailout

By REUTERS
June 25, 2012 19:46




NICOSIA - Cyprus became on Monday the fifth euro zone country to seek financial assistance from the EU's rescue funds, announcing it was applying for a bailout for its banking sector hit by exposure to the crisis in Greece.

Tiny Cyprus needs to raise at least 1.8 billion euros - equivalent to about 10 percent of its domestic output - by June 30 to satisfy European regulators about the health of Cyprus Popular Bank, which saw its balance sheet hurt by bad Greek debt. It may seek more.

"The purpose of the required assistance is to contain the risks to the Cypriot economy, notably those arising from the negative spill over effects through its financial sector, due to its large exposure in the Greek economy," a government announcement said.


Related Content
Breaking news
November 24, 2017
Egypt delays Gaza border opening after Sinai attack

By REUTERS

Israel Weather
  • 9 - 19
    Beer Sheva
    12 - 20
    Tel Aviv - Yafo
  • 10 - 14
    Jerusalem
    12 - 19
    Haifa
  • 13 - 23
    Elat
    14 - 21
    Tiberias