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Cyprus reaches a DEAL!

Cyprus, the European Union and the International Monetary Fund reached deal in Brussels in the early hours of Monday morning aimed at preventing the bankruptcy of its main banks and a possible euro exit.

"We did not win a battle but we avoided a disastrous exit from the eurozone," said Cypriot Finance Minister Michalis Sarris after the Eurogroup meeting.

"We have a deal which is good for Cyprus and the European Union," said Cypriot President Nicos Anastasiades as he left after lengthy talks, during which he was reported to have threatened to resign due to pressure from the troika.

The agreement reached by Anastasiades, International Monetary Fund managing director Christine Lagarde, European Central Bank president Mario Draghi and European Commission Economic and Monetary Affairs Commissioner Olli Rehn after several rounds of talks in Brussels was rubber stamped by the Eurogroup. http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_25/03/2013_489702 ;
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Publication:Balkan Business News
Geographic Code:4EXCY
Date:Mar 25, 2013
Words:153
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