Cyprus gets EU support for bailout

Cyprus won support from its eurozone partners last night for emergency funding to prop up its banks, crippled by their Greek debt holdings.

The Mediterranean island, whose economy accounts for just 0.2% of the eurozone, is the fifth country to be forced to seek protection from the crisis enveloping the bloc.

Heavily exposed to debt-laden Greece, Cyprus’s banks nudged the island into seeking emergency aid from its EU partners on Monday, after being shut out of international debt markets for over a year.