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
- The 11 worst fast food restaurants in America
- I hate Ayn Rand — but here's why my fellow conservatives love her
- Why Peter Capaldi has a bigger challenge than any Doctor Who in history
- The weird obsession that's ruining the GOP
- 7 things the world's happiest people do every day
- Dean Koontz's 5 favorite books
- 7 grammar rules you really should pay attention to
- Here's the schedule very successful people follow every day
- Why are so many parents being arrested?
- 10 things you need to know today: July 23, 2014
Subscribe to the Week