'Tough times ahead for Cyprus' warns EU's Olli Rehn

Finance ministers from across the eurozone have approved a deal to prevent the collapse of the banking system in Cyprus.

The 10 billion euro bailout will see the country's second biggest bank, Laiki, wound down.

Europe's Commissioner for Economic Affairs, Olli Rehn, said that despite the agreement the near future will be "difficult for the country and its people".