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News Summary: Cyprus bank leader backs EU bailout

The Associated Press

BOUND FOR BAILOUT: Cyprus Popular Bank's chairman, Michalis Sarris, said the country will need European Union support to recapitalize a banking sector pummeled by exposure to Greek debt.

NEXT IN LINE: The comments bolster a growing sense that Cyprus will be next to ask the European Financial Stability Facility for help.

BE PREPARED: Sarris, a former finance minister, told The Associated Press there's no longer a stigma attached to asking for EU bailout cash. But he said Cyprus must have a convincing plan to cut spending so it can avoid being forced to impose tougher austerity measures later.