Business

Cyprus seeks EU bailout

The Mediterranean island nation says it needs about $2 billion in the next few days to help shore up the Cyprus Popular Bank, which has been heavily exposed to the teetering Greek economy.
The Mediterranean island nation says it needs about $2 billion in the next few days to help shore up the Cyprus Popular Bank, which has been heavily exposed to the teetering Greek economy. Supplied

CYPRUS is the latest European country to ask for an EU bailout, saying it needs urgent funds to recapitalise its second largest bank.

The Mediterranean island nation says it needs about $2 billion in the next few days to help shore up the Cyprus Popular Bank, which has been heavily exposed to the teetering Greek economy.

Cyprus' finance minister Vassos Shiarly said the country would also seek enough money to help with its budget deficit and the full amount would be decided over the course of weeks.

"The amount will be as much as it may be needed to cover the recapitalisation and fiscal requirements," he said.

"These will be established after careful review during the next few weeks."

Read more at ABC news online.

Topics:  bailout, contagion, eu, eurozone




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