Cypriot president hails bailout deal
- 11 years ago
Cypriot President Nicos Anastasiades comes home after securing a bailout deal in Brussels.
In an address to the nation he said the agreement that was reached was painful, but it was the best possible deal the country could get.
He said Cyprus is introducing "temporary" restrictions on capital flows when banks reopen this week.
The step follows a last-ditch deal with international lenders on a 10-billion euro rescue plan to avoid economic meltdown. Cyprus agreed to close down its second-largest bank and inflict heavy losses on big depositors.
(SOUNDBITE) (English) VALENTINA STAVROU SAYING:
"I hope the whole situation is going to be right and will be in the right way and everything will be fine."
Without an agreement, Cyprus had faced certain banking collapse on Monday and potential exit from the European single currency. It still risks a run on banks when they reopen their doors this week
In an address to the nation he said the agreement that was reached was painful, but it was the best possible deal the country could get.
He said Cyprus is introducing "temporary" restrictions on capital flows when banks reopen this week.
The step follows a last-ditch deal with international lenders on a 10-billion euro rescue plan to avoid economic meltdown. Cyprus agreed to close down its second-largest bank and inflict heavy losses on big depositors.
(SOUNDBITE) (English) VALENTINA STAVROU SAYING:
"I hope the whole situation is going to be right and will be in the right way and everything will be fine."
Without an agreement, Cyprus had faced certain banking collapse on Monday and potential exit from the European single currency. It still risks a run on banks when they reopen their doors this week