Cyprus gets bailout package

(Vatican Radio) Eurozone finance ministers have agreed to a 10-billion Euros bailout package for Cyprus to save the country from bankruptcy.

But the terms of the bailout are harsh for the small Mediterranean island nation. In return, Cyprus must trim its deficit, shrink its troubled banking sector, raise taxes and privatize state assets.

While the bailout for Cyprus is much smaller than that for Greece or Ireland, it is still considered crucial for the future of the eurozone.

The package and its conditions were announced this morning, after 10 hours of negotiations.

Listen to Nathan Morley’s report: