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.

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http://www.euronews.net/

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