FT.com
"Cyprus has become the latest eurozone country to seek a bailout amid mounting economic problems and fresh challenges for its banks after a credit rating agency downgrade.
Bowing to eurozone pressure, the government of President Demetris Christofias said it had asked for help, just days before a deadline to recapitalise one of the country’s largest banks.
Cyprus is seeking financial help from the European Financial Stability Facility or its successor, the European Stability Mechanism, a government statement said on Monday. “The purpose of the required assistance is to contain the risks to the Cypriot economy, notably those arising from the negative spillover effects through its financial sector, due to its large exposure in the Greek economy,” the government said."
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