Cyprus said on Monday it was applying to Brussels for a bailout, both for its banking sector hit by exposure to Greece and for its budget deficit, making it the fifth euro zonecountry to turn to the bloc’s rescue funds for help.
Tiny Cyprus has just four days left to raise at least 1.8 billion euros – equivalent to about 10 percent of its domestic output – to meet a deadline set by European regulators to recapitalise Cyprus Popular Bank, its second largest lender which saw its balance sheet hurt by bad Greek debt.
Finance Minister Vassos Shiarly said the country would also seek enough money to help with its budget deficit. The full amount would be decided over the course of weeks.
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