Cypriot President Nicos Anastasiades hails bail out,comes back home
with comfort of securing a bailout deal in Brussels.Nicos in an address
to the nation said the agreement that was reached was
painful, but it was the best possible deal the country could get.Further
said Cyprus is introducing "temporary" restrictions on capital flows
when banks reopen this week.The step follows a last-ditch deal with
international lenders on a
10-billion euro rescue plan to avoid economic meltdown.
Cyprus agreed to close down its second-largest bank and inflict heavy losses on big depositors.Without an agreement, Cyprus had faced certain banking collapse on Monday and potential exit from the European single currency. It still risks a run on banks when they reopen their doors this week
Cyprus agreed to close down its second-largest bank and inflict heavy losses on big depositors.Without an agreement, Cyprus had faced certain banking collapse on Monday and potential exit from the European single currency. It still risks a run on banks when they reopen their doors this week
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