Saturday 16 December 2017

Cyprus applies for bailout package

CYPRUS has said it will seek financial assistance from the European Union's EFSF/ESM bailout funds to curb exposure of its financial sector 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," a government announcement said.

Greece, Ireland and Portugal have already had international bailouts.

Spain has asked for help for its banks but not yet applied.

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