Wednesday February 26, 2020

Cyprus requests EU bailout

UPDATE: Cyprus has applied for an EU bailout, citing a spillover from Greece. Earlier, Fitch Ratings downgraded Cyprus to junk status.

25th June, 2012
Cyprus has applied for a bailout

*(With additional reporting from Bloomberg.)*

“The purpose of the required assistance is to contain the risks to the Cypriot economy, notably those arising from the negative spillover effects through its financial sector, due to its large exposure to the Greek economy,” the Cypriot government said, according to a statement from the press and information office in Nicosia.

Cyprus, which takes over the European Union’s rotating presidency on July 1, follows Greece, Ireland, Portugal...

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