[ Ссылка ] Cyprus has clinched a last minute deal with international lenders to secure a 10 billion euro bailout and avoid financial meltdown.

A casualty of the agreement will be its second largest bank which will close down inflicting heavy losses on uninsured depositors including many wealthy foreigners.

Eurogroup President, Jeroen Dijsselbloem said:

"I would like to emphasize that none of these measures will effect deposits below 100,000 euros. There should be no doubts about that. We reaffirmed today the importance of fully guaranteeing these deposits in the European Union."


The plan which was swiftly endorsed by EU finance ministers will involve the closure of the Popular Bank of Cyprus, also known as Laiki, resulting in thousands of redundancies.

All deposits below 100,000 euros will be moved to the Bank of Cyprus to create a so called "good bank".

Deposits above 100,000 euros are not guaranteed under EU law and will be used to resolve debts.

Euronews' correspondent in Brussels, Efi Koutsokosta said: After a marathon of negotiations, finally white smoke has risen. Nicosia will get the first part of its 10 billion euro bail out package at the beginning of May and a special task force will be set-up to help the Cypriot economy.

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