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Cyprus to apply for EU bailout

06-26-2012 05:13 BJT

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Cyprus has announced it is planning to apply for EU bailout funds, making it the fifth eurozone member to do so. The funds are to help shore up its struggling banking system, which is heavily exposed to the Greek economy.

Cyprus must raise at least 1.8 billion euros by the end of the month if it wants to recapitalize its second largest lender- Cyprus Popular Bank. The Cypriot government will also seek emergency loans from Russia in its attempts to refinance sovereign debt. The country’s leading political figures will meet Tuesday, before any official application to the EU is made.

 

Editor:Zhang Jingya |Source: CNTV.CN

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