Greek Cypriots agree with EU and IMF on bailout package

Greek Cypriot administration of southern Cyprus agreed with the EU and the IMF on the new bailout package on early Monday.

Following a 10-hour-long meeting in Brussels with head of the EU Council Herman Van Rompuy, head of the EU Commission Jose Manuel Barroso, IMF chief Christine Lagarde, head of the Euro Group Jeroen Dijsselbloem and president of the European Central Bank Mario Draghi, leader of the Greek Cypriot administration Nicos Anastasiadis accepted the new package.

The package keeps Greek Cypriots in the Euro zone but would prune the size of oversize banking sector. Parliamentary approval will not be needed for the new package.