Cyprus has formally requested a bailout for its failing banks according to the the Associated Press. Cypriot banks are major holders of Greek government bonds.

The island nation’s government said Monday that it required assistance following “negative spillover effects through its financial sector, due to its large exposure in the Greek economy.”

Cypriot banks were big holders of Greek government bonds, whose value was written down sharply this year.

Cyprus is now the fifth European country to ask for help from other countries in the Eurozone.