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Cyprus Requests EU Aid

Fifth euro member state to seek bailout also asks for loan from Russia or China.

By Stelios Orphanides and Rebecca Christie, Bloomberg | Updated on June 26, 2012

Cyprus sought a financial lifeline from the euro area’s firewall funds, becoming the fifth of the euro’s 17 member states to request a bailout.

The goal 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 yesterday in a statement distributed by the press and information office in Nicosia.

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