Euro Crisis

Cyprus Bailout Deal Approved

The IMF demanded that the deal would not need approval from the Cypriot government

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Eurozone finance ministers have agreed a 10bn-euro bailout deal 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 deposit-holders with more than 100,000 euros ($130,000; £85,000) 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.