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Cyprus applies for EU bailout-government
June 25, 2012 / 4:11 PM / 5 years ago

Cyprus applies for EU bailout-government

NICOSIA, June 25 (Reuters) - Cyprus on Monday said it would seek financial assistance from the European Union’s EFSF/ESM bailout funds to curb exposure of its financial sector to Greece.

“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.

Greece, Ireland and Portugal have already had international bailouts. Spain has asked fo help for its banks but not yet applied.

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