In June 2012, the Cypriot government requested a bailout after its two largest banks took massive losses—around 1.6 billion euros—on Greek government bond write-downs. In order to remain solvent, it was determined that Cyprus needed 17 billion euros in assistance. What Cypriots got was a government claim on their own private bank accounts.
Turkey wants to rotate onto the Security Council after a nearly 50-year absence. The Turkish leadership has claimed that the country can serve as a bridge across a growing gap between the West and the Islamic world. Although it has made great strides over the last decade to strengthen its credentials as a mediator, Turkey still faces divisive problems with its minority populations at home and its neighbors abroad. Nevertheless, Security Council membership may prompt Turkey to live up to its declared standards and move to resolve outstanding issues with Greece, Armenia and ethnic and religious minorities domestically.
