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.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- 5 legitimate scientific controversies
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- How liberals are unwittingly paving the way for the legalization of adult incest
- 43 TV shows to watch in 2014
- Libertarianism's terrible, horrible, no good, very bad idea
- Why I got married — without a wedding
- How to improve your workplace culture
- Why the Rubio-Lee tax plan is great politics — and great policy
- 10 things you need to know today: October 2, 2014
- Ted Cruz is the new Sarah Palin
Subscribe to the Week