AP News in Brief
EU finance ministers approve Cyprus bailout; top bank depositors face losses to make it work
• BRUSSELS (AP) -- Cyprus avoided bankruptcy, and potential turmoil across the eurozone was averted, by the country securing a last-minute 10 billion euro ($13 billion) bailout with promises to sharply cut back its oversized banking sector and make large bank account holders take losses to help pay much of the bill.
• Negotiations into early Monday ended with approval of the deal by the 17-nation eurozone's finance ministers. The European Central Bank had threatened to cut off crucial emergency assistance to the country's banks by Tuesday if no agreement was reached.
• Without a bailout deal by Monday night, the tiny Mediterranean nation would have faced the prospect of bankruptcy, which could have forced it to become the first country to abandon the euro currency. That would have sent the region's markets spinning.
• "It's not that we won a battle, but we really have avoided a disastrous exit from the eurozone," said Cyprus Finance Minister Michalis Sarris.
• The eurozone finance ministers accepted the plan after hours of negotiations in Brussels between Cypriot officials and the so-called troika of creditors -- the International Monetary Fund, the European Commission and the ECB.
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A glance at the agreement for the Cyprus bailout
• BRUSSELS (AP) -- Authorities from Cyprus and the so-called troika of international lenders -- the European Commission, the European Central Bank and the International Monetary Fund -- reached agreement on a bailout loan for the country of up to 10 billion euros. A look at key parts of the deal:
• --Cyprus had to come up with 5.8 billion euros somehow to secure the bailout.
• --Depositors in the country's second-largest bank, Laiki, with accounts of more than 100,000 euros will lose an unspecified amount of their money. The move is ex
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