Cyprus' finance minister reacts to bailout deal

Speaking after the 10-hour meeting, Cyprus' Finance Minister Michalis Sarris said of the bailout, "I wish I was not the minister to do this".

Cyprus' Finance Minister Michalis Sarris.
Cyprus' Finance Minister Michalis Sarris. Credit: REUTERS/Eric Vidal

But he added, "Much more money could have been lost in a bankruptcy of the banking system or indeed of the country".

Mr Sarris also said he hoped a levy and the bailout would mark a new start for Cyprus.

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UK customers escape bank levy

Around 15,000 savers in the UK arm of stricken Cypriot bank Laiki will see their deposits protected under British rules and will escape the Cyprus banking levy.