Cyprus requests eurozone bailout

Cyprus became the fifth eurozone country to seek an international bailout on the 25 May 2012 amid mounting economic problems and fresh challenges for its banks after a credit-rating agency downgrade.

Bowing to eurozone pressure, the cash-strapped government of President Demetris Christofias said it had asked for help, just days before a deadline to recapitalise one of the country’s largest banks.

ESO: Background information: Cyprus eyes EU option to shore up banks http://www.europeansources.info/record/cyprus-eyes-eu-option-to-shore-up-banks/

EurActiv, 26.6.12: Cyprus, Spain turn to Brussels for rescue funds http://www.euractiv.com/euro-finance/cyprus-fifth-member-group-debt-news-513543

Deutsche Welle, 25.6.12: Cyprus says it will seek EU assistance http://www.dw.de/dw/article/0,,16049665,00.html

BBC News, 25.6.12: Cyprus to ask for bailout from eurozone partners http://www.bbc.co.uk/news/business-18586532

Le Monde, 25.6.12: EU irked by Cypriot talks with Moscow (via PressEurop) http://www.presseurop.eu/en/content/news-brief/2238681-eu-irked-cypriot-talks-moscow

Reuters, 26.6.12; Cyprus bailout cost may be half its economy: media http://www.reuters.com/article/2012/06/26/us-cyprus-bailout-aid-idUSBRE85P05920120626

EUObserver, 26.6.12: Cyprus becomes fifth eurozone country to seek bailout http://euobserver.com/19/116753

Kathimerini, 26.6.12: Cyprus rescue package may equal half its economy http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_26/06/2012_448972

O Phileleftheros / Politis, 26.6.12: EU is the least worst option for Cyprus (via PressEurop) http://www.presseurop.eu/en/content/news-brief/2245791-eu-least-worst-option-cyprus

BBC News, 27.6.12: Cyprus not for sale, president says after bailout talks http://www.bbc.co.uk/news/world-europe-18607537

Council of the European Union: Statement by the Eurogroup, 27.6.12 http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/131308.pdf

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