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Cyprus To Begin EU Bailout Talks

Officials from the European Commission, the International Monetary Fund (IMF), and the European Central Bank are expected to arrive in Nicosia on July 2 to evaluate the Cypriot banking system and discuss the terms of a financial rescue for the Mediterranean island nation.

Last week, Cyprus became the fifth eurozone member to seek an international bailout from fellow EU members and the IMF.

Cypriot officials have blamed the country's economic troubles on fallout from the crisis in nearby Greece.

The bailout talks come as Cyprus took charge of the rotating six-month presidency of the European Union on July 1.

Based on reporting by dpa and Deutsche Welle