Cyprus has informed European authorities that it intends to apply for financial assistance — which would make it the fifth member of the eurozone to do so. Leaders in the capital of Nicosia say that the country "needs help to shore up its banks, which are heavily exposed to the Greek economy." Earlier on Monday, Spain formally requested a bailout loan, expected to be for up to $125 billion. Meanwhile, Greece's newly elected finance minister has resigned due to illness. This all comes just days before a scheduled European Union summit, which was called to "dispel doubts" about the euro.
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