Dutch finance minister and chief of the eurogroup Jeroen Dijsselbloem after an emergency eurogroup meeting in Brussels (AP/Virginia Mayo)
Cyprus secured a 10 billion euro (£8.5 billion) package of rescue loans in tense negotiations, saving the country from a banking system collapse and bankruptcy.
"We've put an end to the uncertainty that has affected Cyprus and the euro area over the past week," said Jeroen Dijsselbloem, who chairs the meetings of the 17-nation eurozone's finance ministers.
In return for the bailout, Cyprus must drastically shrink its outsized banking sector, cut its budget, implement structural reforms and privatise state assets, he said.
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