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The latest business and finance news from around the world, on the BBC.

World Business Report: Cyprus backs 'painful' bailout deal

25/03/2013

Cyprus backs 'painful' bailout deal

BBC World Service - World Business Report, Cyprus backs 'painful' bailout deal

Cyprus accepts that better-off bank depositers will lose money, as it secures a bailout.

The government of Cyprus has defended a 10bn-euro bailout deal to save its banks from collapse, amid warnings the island now faces deep recession. The BBC's Rob Young reports from Nicosia, getting reaction to a deal that will see better-off savers losing some or all of their deposits over 100,000 euro. He speaks to the Cyprus commerce minister Yiorgos Lakkotrypis about the potential fallout and hears the fears of Cypriot families. And as words like troika and haircuts fill the airwaves once again, we hear the thoughts of our regular commentator Lucy Kellaway about the latest financial mumbojumbo.

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