Cyprus bailout deal 'durable' says IMF chief

An agreement has been reached in Brussels on a $10bn bailout to prevent the collapse of the banking system in Cyprus.

Deposits of under 100,000 euros in Cypriot banks will remain secure with no levies imposed.

However Cyprus' second largest bank, Laiki, will be restructured and holders of deposits of more than 100,000 euros will have to take significant losses.

IMF chief Christine Lagarde said she was confident a workable compromise, designed to restore trust in the banks, had been reached.