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Fears grow that Cyprus will be next in line for eurozone bailout
Source: The Guardian
Fears grow that Cyprus will be next in line for eurozone bailout
Government now openly admits country's second largest lender
requires a €1.8bn lifeline by the end of the month
Helena Smith
guardian.co.uk, Thursday 7 June 2012 22.07 BST
The toxic effects of Greece's economic crisis appear poised to engulf Cyprus, with speculation mounting that it is just a matter of time before it, too, is forced to resort to the European Union for rescue.
The prospect of the nation becoming the fourth eurozone country to be thrown an economic lifeline by the EU has grown as officials have openly acknowledged the need to prop up a banking system badly hit by exposure to Greece.
Over the course of the past week, Cyprus's president, finance minister and central bank governor have all admitted an urgent need to recapitalise Popular Bank, the island's second largest lender.
[font size=1]-snip-[/font]
Government now openly admits country's second largest lender
requires a €1.8bn lifeline by the end of the month
Helena Smith
guardian.co.uk, Thursday 7 June 2012 22.07 BST
The toxic effects of Greece's economic crisis appear poised to engulf Cyprus, with speculation mounting that it is just a matter of time before it, too, is forced to resort to the European Union for rescue.
The prospect of the nation becoming the fourth eurozone country to be thrown an economic lifeline by the EU has grown as officials have openly acknowledged the need to prop up a banking system badly hit by exposure to Greece.
Over the course of the past week, Cyprus's president, finance minister and central bank governor have all admitted an urgent need to recapitalise Popular Bank, the island's second largest lender.
[font size=1]-snip-[/font]
Read more: http://www.guardian.co.uk/business/2012/jun/07/fears-cyprus-next-eurozone-bailout
