Eurogroup chief announces Cyprus deal

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The president of the Eurogroup, Jeroen Dijsselbloem, has announced details of a deal to secure a bailout loan for Cyprus.
After all-night talks on 25 March 2013, he revealed that the deal would see the Laiki bank, the country's second largest, wound up, but with small savers protected.
Depositors with more than €100,000, many of whom are Russian, face big losses.
The European Central Bank had set a deadline of Monday for the deal, which came a week after the Cypriot parliament rejected a proposed bank levy on small and large deposits.
"We've put an end to the uncertainty that has affected Cyprus and the euro area over the past week," said Mr Dijsselbloem.
The Eurogroup is the main forum for the management of the single currency area. It is an informal body that brings together the finance ministers of countries whose currency is the euro.

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