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Cyprus to ask for bailout

  • Cyprus has told European authorities it intends to apply for financial assistance, making it the fifth eurozone member to do so.

    The island nation said it needs help to shore up its banks, which are heavily exposed to the Greek economy.

    The country requires around $2.25 billion over the next few days to recapitalize its second largest lender, Cyprus Popular Bank.

    Cyprus’ financial system has an exposure to Greece estimated 144 percent of its gross domestic product.