Central Bank of Cyprus supports bailout request

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The Central Bank of Cyprus today (June 26) backed the country's government in deciding to ask for a European bailout.

The government sought support from the European Financial Stability Fund late yesterday. The central bank explained the need was to recapitalise banks that were unable to secure sufficient private funds to strengthen their positions ahead of the deadline set by the European Banking Authority in June 2012.

"In these challenging economic times, in which pressures on public finances

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