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Cyprus has formally requested EU financial aid to help its troubled banking sector. But before agreeing to pay 3 or 4 billion euros from the European Financial Stability Fund or the European Stability Mechanism, the European Commission, the ECB and the IMF are to study the country's financial situation.
Money not coming but troika is – Politis
The Spanish government has officially requested EU financial aid for its troubled banking sector. The Spanish PM has announced a raft of new measures to clean up public finances, including a VAT hike and raising the age of retirement.
Rajoy promises more “tough measures” after requesting bailout from Brussels – El País
A few days before the 28-29 June EU summit, Greece's new finance minister Vassilis Rapanos has resigned for health reasons, while incoming Prime Minister Antonis Samaras is unable to attend following an eye operation. Greece will be represented by its president Carolos Papoulias.
Lonely country seeks minister and allies – Ta Nea
In order to head off a ruling by the German constitutional court that invalidates the European Stability Mechanism, the government has decided to have it ratified by a two-thirds majority in both houses of parliament on June 29.
Merkel arms herself against Karlsruhe hearing – Süddeutsche Zeitung
Three days before the European summit, markets are nervous as German Chancellor Merkel reaffirms her opposition to eurobonds, and as Spain and Cyprus request EU financial aid.
Merkel, no to eurobonds, and stock markets slump – La Stampa
The most likely outcome of this week’s European Council is not the creation of a United States of Europe or of a European Ministry of Finance, but rather a guarantee for deposits and a common control of banks in order to reassure people holding savings accounts.
Union wants to supervise banks – SME
The Danish Prime Minister Helle Thorning-Schmidt has announced that there will be no vote on Denmark's EU exemptions in matters of justice and the euro. She had promised a referendum during her election in autumn 2011. Thorning-Schmidt predicts a two-speed EU and considers that Denmark will not be part of the vanguard.
Thorning postpones referendum on Europe – Politiken
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