UH-OH: CYPRUS FORMALLY REQUESTS BAILOUT - AND EURO-MARKETS PLUNGE

Cyprus on Monday said it was formally requesting a bailout from the European Union in a bid to bolster its struggling banks, making it the fifth euro zone country to request a rescue.

AND THIS:

Spanish and Italian shares have fallen sharply amid fears that an EU summit this week will again fail to produce a deal to shore up the euro. 

Their main indexes closed down about 4% as the Spanish prime minister called for Thursday's European Union summit to "dispel doubts" about the euro. Wall Street was also unnerved by the continuing crisis and the Dow Jones ended with a loss of 1.1%.

Earlier Spain formally requested a bailout loan for its banking sector.
Eurozone countries have agreed to lend up to 100bn euros ($125bn; £80bn) to Spain's banks.

THE EURO-CRISIS IS FAR FROM OVER...