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URGENT ¥¥¥ Cyprus bailout 'painful' but island will recover: president

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(Globalpost/GlobalPost)

Cyprus President Nicos Anastasiades acknowledged the terms of a eurozone bailout deal he struck in Brussels on Monday were "painful" but vowed the island would recover.

He had taken "painful decisions to save the country from bankruptcy" and pledged that Cyprus "would find its feet again".

The conservative president said his mission in make-or-break talks with international creditors had been an "extremely difficult task with one sole aim -- to achieve the salvation of our country through the consolidation and streamlining of our banking system."

"They were difficult hours and at times dramatic," Anastasiades said.

"Cyprus was a breath away from economic collapse. Our choices were not easy, nor the environment ideal."

cc/kir/hc

http://www.globalpost.com/dispatch/news/afp/130325/urgent-cyprus-bailout-painful-island-will-recover-president