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The European Commission has established a task force to provide "technical assistance to the Cypriot authorities" in implementing the €10 billion rescue package, EU President Jose Manuel Barroso has announced.
The body will be based in Brussels, with a support team in Nicosia, he said in a statement, and its work will "have a strong focus on employment, competitiveness and growth".
President Barroso said the agreed package for Cyprus was "not only about financial stability. It is about restarting the economy."
Regarding the support shown for Cyprus, he added: "As we have shown in the past, Europe faces its challenges together. We do not leave Member States facing a financial crisis alone."
The levy on deposits in Cypriot banks by savers with more than €100,000 is likely to be "under or around 30 per cent", a spokesman for the Cypriot government has said.
Christos Stylianides was questioned over the level of losses on uninsured depositors during an interview with state radio.
President Vladimir Putin has told his government to negotiate the restructuring of a Russian bailout loan to Cyprus, his spokesman has said.
The announcement signals Moscow's support for a €10 billion bailout, despite concern that Russian depositors in Cyprus could take losses as a result.
Cyprus had requested an extension of an existing €2.5 billion Russian loan, and a reduction in the interest it charges to 2.5 per cent from 4.5 per cent. Talks last week failed to agree on a restructuring.
The consequences of the decision to bail out Cyprus are "painful for the Cypriot people", the island's parliamentary speaker has said.
IMF managing director Christine Lagarde has defended the Cyprus bailout amid claims the imposed deal leaves the island facing years of economic hardship.
Ms Lagarde said today's agreement provided a "comprehensive and credible plan" to deal with the country's problems.
"It addresses upfront the core problem of the banking system through a clear strategy that ensures debt sustainability and does not excessively burden the Cypriot taxpayer," she said.
"This agreement provides the basis for restoring trust in the banking system, which is key to supporting growth," she added.
British expats with savings under £85,000 (€100,000) have been spared from being taxed by the Cypriot government as a result of the EU bailout deal.
But those among the island's 60,000 British expats with savings above that amount will have to pay a one-off levy as part of the restructuring of Cyprus' second-largest bank, Laiki.
The British government had said it would only compensate British Armed Forces personnel who lost out.
Latest ITV News reports
Cyprus' rescue deal has sent shivers through southern Europe after a key eurozone figure said it would be a model for future bailouts.
The future is uncertain for the people who must live with the consequences of Cyprus' "painful" bailout deal.