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 Cyprus asked European Union states on Monday for a bailout of its troubled banks, becoming the fifth member of the Eurozone to seek help balancing its books, Los Angeles Times report said.

In a brief statement from Nicosia, the Cypriot government said it was forced to ask EU colleagues for an unspecified sum because of "negative spillover effects through its financial sector, due to its large exposure in the Greek economy."

Cypriot banks suffered heavy losses earlier this year when the value of the Greek government bonds it holds was written down. Cyprus banks also hold about $27.5 billion in Greek private-sector debt, repayment of which would be in doubt if Greece opts out of the common currency or is expelled for failing to live up to belt-tightening commitments made in exchange for bailouts.

Cypriot government spokesman Stefanos Stefanou also said the island state was also in discussions concerning possible loans from Russia and China that may be offered without the tough austerity measures that Eurozone colleagues have demanded of bailout recipients Greece, Portugal, Ireland and, most recently, Spain.