Jean-Claude Juncker, President of the Eurogroup, has confirmed through a statement that the Spanish authorities have formally requested he financial assistance. In addition, he also welcomed the formal application for financial assistance from the Cypriot authorities. Cyprus will hold the Presidency of the Council of the EU from 1 of July 2012.

The President of the Eurogroup, Jean-Claude Juncker, confirmed in a statement that he received the formal application for financial assistance by the Spanish authorities on 25 of June. Mr Juncker also confirmed that a formal response to the Spanish authorities will follow in due course. As already been agreed in the last Eurogroup meeting, it is expected to give a mandate to the Commission, in liaison with the ECB and the EBA, to negotiate the necessary policy conditionality for the financial sector, including restructuring plans in accordance with EU state aid rules, which shall accompany the financial assistance. The IMF will provide technical assistance and regular monitoring.

In addition to this formal request, Mr Juncker also welcomed the formal application for financial assistance that he have received on 26 of June from the Cypriot authorities. The Eurogroup is also expected to give a mandate to the Commission, in liaison with the ECB, to negotiate the necessary policy conditionality, which shall accompany the financial assistance. This will include measures that will address the main challenges of the Cyprus' economy, primarily those of the financial sector and he also expects that Cyprus will engage with strong determination in the required policy actions.

On the other hand, the Cyprus Presidency of the Council of the European Union website was presented on 25 of June to local journalists. According to the Cyprus government spokesperson, Mr. Stefanos Stefanou, the official website of the Cyprus EU Presidency, is set to be a fast, reliable and transparent information medium for foreign and local media, as well as for the wider public.