Cyprus received substantial international media attention in early 2013 as the latest eurozone country that needed a bailout . Because of its strong economic and financial ties to struggling Greece, Cyprus was one of the countries that would most likely need help from the European Union and the International Monetary Fund to avoid a default. Looming elections in Cyprus and Germany, skepticism toward bailouts in creditor countries, the prominence of the Cypriot financial sector and its ties to Russia were all factors that delayed the bailout negotiations , which were eventually concluded in March 2013. For the first time, creditors demanded in the agreement that bank depositors carry part of the burden in return for giving financial aid to the country . In Cyprus, this so-called "bail in" of depositors strongly affected foreigners, mainly Russians, since Cyprus was an important offshore financial center.