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".
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.
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.
The Dutch Finance Minister has said the bank levy 'bail-in' on large depositors "pushes back the risks" from the rest of the eurozone.