Cyprus requests eurozone bailout

Author (Person)
Series Title
Series Details 26.6.12
Publication Date 26/06/2012
Content Type

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.

Related Links
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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