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World Bulletin/News Desk

Turkish Cypriot Foreign Minister Huseyin Ozgurgun said Saturday the Greek Cypriot administration was unfit to lead the European Union as the southern part of this divided Eastern Mediterranean island is set to assume EU rotating presidency on Sunday.

"This is like trusting the cat with guarding the fish bowl. The Greek Cypriot administration is taking over EU's at a time when it is on the verge of bankruptcy. Such is the EU now with a failing system and weak foundations that force us to question European principles and values," Ozgurgun told the Anadolu Agency.

The Greek Cypriot side is set to take over the reins of the EU presidency as of July 1 for six months from Denmark.

The Cypriot administration, eurozone's third smallest economy, has joined Greece, Ireland, Portugal and Spain to apply for EU funds to prevent its economy from capsizing. 

"This is a sign of the EU's stalemate. Even the leader country of the Union, Germany, admits that they had trusted the cat with the fish bowl," Ozgurgun said.