"Cyprus has been potentially saved from bankruptcy and the collapse of its financial system after a ten billion euro bailout was agreed. The president of Cyprus, Nicos Anastasiade, helped secured the help of Eurozone finance ministers in Brussels this morning. In return for emergency funding, Cyprus is to wind up its second largest national bank and split it into a so called “good bank/bad bank.” Deposits below one hundred thousand euro will be guaranteed but above that sum depositors face significant losses. The finance minister says that the deal will held to remove the question marks which hang over the country’s future financial health."
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