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.
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.