Cyprus officially became the fifth Eurozone country to request a bailout yesterday, announcing that it would be applying for European Union (EU) rescue funds for its banking sector and blaming the move on their exposure 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,’ the government announcement said.

Coincidentally, the news arrives shortly before the country takes over the EU presidency next Sunday, July 1st.

JM