EU finance ministers approve Cyprus bailout; top bank depositors ...

The Canadian Press - ONLINE EDITION

By: Associated Press, The Associated Press

Posted: 4:06 AM | Comments: | Last Modified: 4:18 AM

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Bank employees protest outside the ministry of finance on Saturday, March 23, 2013. Thousands of bank employees took part in a protest that ended outside the Cypriot parliament. Politicians in Cyprus were racing Saturday to complete an alternative plan raising funds necessary for the country to qualify for an international bailout, with a potential bankruptcy just three days away. Banner at right reads: "Who voted for you members of parliament? The Troika?" (AP Photo/Petros Giannakouris)

NICOSIA, Cyprus - Cyprus' Parliament president says a deal reached for his country to raise billions in order to qualify for an international bailout is a "painful one" for the island nation's people and a defeat for European solidarity.

Yiannakis Omirou said Monday that Cyprus must work fast to reform its economy and leave the bailout as soon as possible.

The deal reached in Brussels early Monday prevented Cyprus' imminent financial meltdown by securing a last-minute 10 billion euro ($13 billion) bailout on the condition that the country cut back its banking sector and force large losses on big deposits to help pay much of the bill.

Source: http://www.winnipegfreepress.com/breakingnews/eu-chief-to-lead-last-minute-negotiations-on-cyprus-deal-before-critical-meeting-199737561.html

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