"We have concluded on a memorandum. This is a significant development," said government spokesman Christos Stylianides. The deal sees the €10bn bailout deal that has panicked the island finalised. Cyprus will now have up until 2018 to sort out its finances.
Former finance minister Michalis Sarris resigned following the resolution of the bailout talks. His previous request to resign was denied by President Nicos Anastasiades. He has been replaced by former labour minister Charis Georgiades.