EU Finance Ministers Approve Cyprus Bailout Deal

A student holds a Cyprus flag in front of the Ministry of Finance after a parade for Greek independence day celebrations in capital Nicosia, Cyprus, Monday, March 25, 2013. Cyprus secured what its politicians described as a painful solution to avert imminent bankruptcy.
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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.

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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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