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    Cyprus Finance Minister defends bailout as only option...

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    Cyprus had no choice but to accept the latest 10 billion euro bailout deal according to Foreign Minister Ioannis Kassoulides.

    Speaking at a ceremony commemorating Greece's Independence Day, he defended the decision to downsize the financial sector by closing the country's second largest bank, Laiki, whilst protecting those with savings under 100,000 euros.

    ...
    http://www.euronews.net/