In the early 21st century the Cypriot economy has diversified and become prosperous. However, in 2012 it became affected by the Eurozone financial and banking crisis. In June 2012, the Cypriot government announced it would need €1.8 billion in foreign aid to support the Cyprus Popular Bank, and this was followed by Fitch downgrading Cyprus's credit rating to junk status. Fitch said Cyprus would need an additional €4 billion to support its banks and the downgrade was mainly due to the exposure of Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank, Cyprus's three largest banks, to the Greek financial crisis.

What affected the Cypriot economy in 2012?