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Monday, Jun 25
2012, 12:27 PM
Cyprus joins Spain today in officially requesting an EU bailout. Earlier, Fitch downgraded...
Cyprus joins Spain today in officially requesting an EU bailout. Earlier, Fitch downgraded Cyprus from BBB- to BB+, or "junk" status, predicting that the country would need a rescue. Cyprus requires €1.8B to recapitalize Popular bank, which has been hit by the Greek crisis, by June 30. However, Fitch reckons the total bill for the whole sector could reach €6B.