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Popular bank receives state bailout

Cyprus, which applied for an EU bailout last week, acquired €1.79 billion worth of shares in the island’s second-largest lender, in a previously announced move to help it meet minimum capital levels depleted by heavy exposure to debt-crippled Greece.

Cyprus bids for EU bank bailout

Cyprus has become the fifth Eurozone country that has turned to Brussels for emergency funding. It is seeking a lifeline for its banks and its budget, hours after Spain submitted a formal request to bail out its banks.

Bailout request before end of month

It seems incredible that the Island’s government could be going cap in hand to the EU for a bailout before the end of the month, when just a few years ago it told us that we were immune from the world’s economic woes.

EU bailout request by end of June

As Cyprus scrambles to announce a new package of austerity measures, some pundits predict that a request for a bailout from the EFSF may be imminent saying this could happen by the end of June.

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