OP, I feel your pain. I'm 5'8 and rode a size 61cm Nishiki (FREE) for well over 6 months because I had nothing else and could not afford to indulge in any new bikes at the time.

However, most the comments here are valid regarding sizing. Furthermore, if you have no other options I would just change the stem to a 60cm (which is pretty small already) and try to ride with bars that help assist in the sizing issue. My Nishiki had a 60cm stem and a pair of sparrow bars that helped me get by when I had no other options.