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Tuesday, June 26, 2012

''Cyprus rescue package may equal half its economy''

From Reuters


''Cyprus, the fifth euro zone country to seek emergency funding from Europe, may need a bailout that is more than half the size of its 17.3 billion euro economy, euro zone officials said on Tuesday even though the government declined to speculate on the amount.

The Mediterranean island, with a banking sector heavily exposed to debt-crippled Greece, said on Monday it was formally applying for help from the European Union's rescue funds.''

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