Eurozone member Cyprus conceded on Tuesday that there is a serious possibility it may need an EU bailout to save its banking system, which is heavily exposed to Greek debt.

“The possibility of addressing the financial stability mechanism to support the banking system, due to the problems created by excessive exposure of banks to Greece, is a serious possibility,” deputy government spokesman Christos Christofides told reporters.

He said the government was looking at various ways to support the banks, which included finding a loan “from elsewhere.”

Cyprus has already secured a 2.5 billion euro ($3.2 billion) low-interest loan from Russia to cover its refinancing needs for this year.