Cyprus secures €10 billion bailout package
Cyprus has secured a €10 billion (£8.66 billion) bailout package agreed by its eurozone partners and the International Monetary Fund (IMF).
In return, cash-strapped Cyprus will trim its deficit, shrink its troubled banking sector, raise taxes and privatise state assets, Eurogroup president Jeroen Dijsselbloem said following around 10 hours of talks.
"The Eurogroup was able to reach a political agreement with the Cypriot authorities on the cornerstones of this agreement", Dijsselbloem said.
"The assistance is warranted to safeguard financial stability in Cyprus and the eurozone as a whole", he added.
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