The FINANCIAL -- Eurogroup
head Jean-Claude Juncker said Monday he expected Cyprus to act with
"strong determination" to carry out the economic measures it will have
to take to receive an EU bailout.
"I welcome the formal application for financial assistance that I have received today from the Cypriot authorities," said Juncker in a statement.
According to EUbusiness, the group of finance ministers from the 17 states in the eurozone "will now swiftly examine the request and will provide a formal response to Cyprus," he added.
The Eurogroup must also give the European Commission, in coordination with the European Central Bank (ECB) the charge to negotiate the necessary conditions for the financial aid.
"This will include measures that will address the main challenges of the Cyprus economy, primarily those of the financial sector, and I expect that Cyprus will engage with strong determination in the required policy actions," said Juncker, who is also Luxembourg's prime minister.
Cyprus announced late on Monday that it had requested assistance from its eurozone partners, becoming the fifth eurozone country to seek a rescue.
The Cypriot government's statement did not specify a figure for the requested aid, which it said was a consequence of a Greek debt writedown that hurt its financial institutions.
Local media speculated the bailout would be in the region of five billion euros ($6.4 billion).