Cyprus requests bailout citing Greece exposure

Cyprus became on Monday the fifth euro zone country to seek financial assistance from the EU’s rescue funds, announcing it was applying for a bailout for its banking sector hit by exposure to the crisis in Greece.

Tiny Cyprus needs to raise at least 1.8 billion euros - equivalent to about 10 percent of its domestic output - by June 30 to satisfy European regulators about the health of Cyprus Popular Bank, which saw its balance sheet hurt by bad Greek debt. It may seek more.