Cyprus could ask for EU bailout by June 30

Cyprus’ central bank chief, Panicos Demetriades, announced that it’s very possible to be in situation to ask for an EU bailout agreement to help rescue its banking sector, adding that “it is hard to see where (the money) is coming from, if not Europe.”

Cyprus needs to find €1.8 billion by June 30 to rescue second-largest lender, Cyprus Popular Bank.

The Popular Bank has difficulties because of it’s exposure to the Greek debt.