Cyprus bailout: Deal reached in Eurogroup talks

Name: Cyprus bailout: Deal reached in Eurogroup talks
Uploaded: 2013-03-25T06:24:03.000Z
Duration: 1 min 50 s
Description: Eurozone finance ministers have agreed a deal on a 10bn-euro bailout for Cyprus to prevent its banking system collapsing and keep the country in the eurozone.

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Eurozone finance ministers have agreed a deal on a 10bn-euro bailout for Cyprus to prevent its banking system collapsing and keep the country in the eurozone.

Laiki (Popular) Bank - the country's second-biggest - will be wound down and holders of deposits of more than 100,000 euros will face big losses.

However, all deposits under 100,000 euros will be "fully guaranteed".

The European Central Bank had set a deadline of Monday for a deal.

Christian Fraser reports.

Europe

25 March 2013