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Tags: clip, al Jazeera, greece, youtube, Europe, Peter Sharp, cyprus, bailout

Cyprus, the fifth eurozone country to seek emergency funding from Europe, may need a bailout that is more than half as big as its 17.3bn euro economy, according to officials. The Mediterranean island, with a banking sector heavily exposed to debt-crippled Greece, said on Monday it was formally applying for help from the European Union's rescue funds. In another development, Greece named Yannis Stournaras, an economist, on Tuesday as the new finance minister amid increasing uncertainty about the country's government following national elections earlier this month. Stournaras was appointed to the position after the sudden resignation of the first choice for the job at a crucial moment for the debt-laden country.

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