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Cyprus could ask for bailout within days

Cyprus could ask for bailout within days

12 June 2012 13:32 (UTC +04:00)

Baku â€“ APA-Economics. Eurozone member Cyprus has strongly hinted that it may have to apply for an international bailout before the end of this month, both for its banks and its general coffers. "The issue is urgent. We know the recapitalisation of the [island’s] banks must be completed by June 30, and there are a few days left," Finance Minister Vassos Shiarly told journalists.

Cyprus is under growing pressure to apply for aid to salvage its second-largest lender Cyprus Popular Bank, bowed by its exposure to debt-crippled Greece, ahead of a regulatory deadline of June 30.

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