Cyprus secures bailout from eurozone, IMF

From left, Portugal's Finance Minister Vitor Gaspar, European Commissioner for the Economy Olli Rehn and Cypriot Finance Minister Michalis Sarris speak during an extraordinary meeting of the eurogroup at EU headquarters in Brussels on Friday, March 15, 2013. European finance ministers are trying to complete a long-delayed bailout deal for Cyprus in a bid to keep the island nation from a bankruptcy that could rekindle the region
AP Photo/Virginia Mayo

BRUSSELS A senior official says the 17-nation eurozone and the International Monetary Fund have reached agreement on a bailout package for Cyprus.

The official, who was speaking on condition of anonymity ahead of the official announcement early Saturday, said the deal on the rescue loan package was agreed after almost ten hours of negotiations.

The official did not immediately provide details on the agreement.

The bailout was expected to total at least euro10 billion ($13 billion). In return for the assistance Cyprus was expected to agree to shrink its troubled banking sector, raise taxes and privatize state assets.

The bailout deal keeps the tiny east Mediterranean island nation from a bankruptcy that could have rekindled the region's debt crisis.