EU finance ministers approve Cyprus bailout deal

EU finance ministers approve Cyprus bailout; top bank depositors face losses to make it work

Associated Press
Cyprus reaches 'painful' solution to secure rescue
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Protesters hold a banner during an anti- bailout rally outside of European Union house in capital Nicosia, Cyprus, Sunday, March 24, 2013. After failing for a week to find a solution to a crisis that could force their country into bankruptcy, Cypriot politicians turned to the European Union on Sunday in a last-ditch effort to help the island nation forge a viable plan to secure an international bailout. (AP Photo/Petros Karadjias)

NICOSIA, Cyprus (AP) -- Cyprus' Parliament president says a deal reached for his country to raise billions in order to qualify for an international bailout is a "painful one" for the island nation's people and a defeat for European solidarity.

Yiannakis Omirou said Monday that Cyprus must work fast to reform its economy and leave the bailout as soon as possible.

The deal reached in Brussels early Monday prevented Cyprus' imminent financial meltdown by securing a last-minute 10 billion euro ($13 billion) bailout on the condition that the country cut back its banking sector and force large losses on big deposits to help pay much of the bill.

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