Bloomberg News

Cyprus May Seek European Bailout by June 26, Phileleftheros Says

June 22, 2012

Cyprus, which may need as much as 6 billion euros ($7.6 billion) to prop up its banks, may request a European bailout by June 26, Phileleftheros reported.

The government will submit the request irrespective of the results of loan talks with Russia, the Nicosia-based newspaper said today, citing an unidentified government official.

Fitch Ratings will cut Cyprus’s sovereign credit rating today to non-investment grade, the newspaper said.

Fitch spokesman Peter Fitzpatrick declined to comment on the report.

To contact the reporter on this story: Stelios Orphanides in Nicosia at sorphanides@bloomberg.net;

To contact the editor responsible for this story: { at cstirling1@bloomberg.net


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