EU and IMF agree to Cypriot bailout request

Deutsche Welle reports that eurozone finance ministers and International Monetary Fund chief Christine Lagarde have said they are prepared to provide Cyprus with emergency loans, following Nicosia's application for assistance.

The paper says Cyprus is the fifth eurozone member to apply for a bailout, but it is unclear whether the country has just asked for assistance for its banking sector, or a full governmental level loan, similar to Greece.

According to the Washington Post, Cypriot finance minister Vassos Shiarly said the European Central Bank, commission and IMF officials are to carry out an in-depth investigation into Cyprus' economy and banking sector to assess the level of funding the troubled country requires.

Shiarly rejected the possibility that Cyprus would be forced to undergo the sweeping austerity measures that have caused such unrest in Greece, but admitted that there would be "some negative repercussion" on Cyprus' economy, says the paper.

The Irish Times says Cyprus is expected to receive €10bn in funding, amounting to half the country's €17.3bn economy, but still a fraction of the sums required by Spain and Greece.

Cypriot government has procrastinated over its application for financial assistance as the ruling Communist Party is wary of imposing cuts on salaries and benefits, or raising taxes, ahead of the country's 2013 presidential election, reports the paper.

Meanwhile, BBC News says president of Cyprus Demetris Christofias has said his country is "not for sale" and that his people retain their dignity, following talks in Nicosia on the bailout request.