The Republic of Cyprus took over the rotating European Union presidency on Sunday while negotiating emergency aid from Brussels. The six-month presidency was expected to be a long-awaited highlight for the tiny eastern Mediterranean country, but now all the focus appears to be its financial survival.
Earlier this week, the country became the fifth eurozone member to seek an international bailout, knocking on the door of the eurozone and International Monetary Fund, blaming its economic troubles on next-door-neighbour Greece's woes.
Officials from the European Commission, the International Monetary Fund (IMF) and the European Central Bank are expected to arrive in Nicosia on Monday to evaluate the situation of the banking system and any other fiscal requirement the government needs.
Media reports say Cyprus needs as much as 10 billion euros (12.6 billion dollars) to shore up its public sector and banks, which are heavily exposed to Greek debt.
Domestic problems aside, the main challenge for the Cypriot EU presidency will be steering negotiations on the bloc's budget for 2014-2020 while the EU grapples with the eurozone's debt crisis amid rising poverty and soaring unemployment.
"The Cyprus presidency is called upon to continue the efforts of identifying viable solutions," Foreign Minister Erato Kozakou-Markoulli told dpa, proposing "both fiscal consolidation and sustainable economic growth measures" to help European economies.
"It is extremely important for the EU to take measures to stimulate growth and create employment opportunities this is why the Cyprus presidency will promote policies which will foster growth and result in effectiveness, prosperity and jobs," she added.