Cyprus has request for a bailout packages for its troubled banks, marking it the latest and fifth European Union member to be hit by the eurozone crisis.
The island nation said that it needs assistance following "negative spillover effects through its financial sector, due to its large exposure in the Greek economy."
Government spokesman Stefanos Stefanou has not confirmed the amount it has sought from EU, although said that it depends on negotiations with the EU.
Cyprus has pleaded to EU to provide nearly €1.8bn ($2.26bn) or about 10% of its gross domestic product by 30 June to recapitalize its second largest lender, Cyprus Popular Bank.
According to credit ratings agency Fitch, Cyprus will need to fetch nearly €4bn, which may rise to €10bn, if the situation worsens.
Apart from seeking bailout package from EU, the Cyprus government is also discussing with a non EU member, including China for monetary assistance and has already borrowed €2.5bn from Russia.
Finance Minister Vassos Shiarly said, "It could be a combination of sources of funding, on the understanding that the terms offered for these loans — either from the (EU bailout fund) or a bilateral loan are satisfactory and to the state’s benefit."
The crisis which started from Greece had spread to Ireland, Portugal and Spain.