Last night the president of Cyprus announced to the people of Cyprus the proceedings of the latest Eurogroup meeting.

The meeting in Brussels tackled a difficult mission which according to him had only one target. To save Cyprus through the stabilization and reconstruction of the banking sector.

Mr Anstasiades stated that the negotiations was indeed very harsh and there were some dramatic moments.

The closing deal is indeed painful but on the other hand the best we could achieve under the circumstances the president emphasized. He further elaborated to say that the deal ensures that the danger to go bankrupt is definitely avoided and the banking system will be stable at some point.

The president went on to say that we avoided Laiki bank’s bankruptcy and with the good part merger with Bank of Cyprus we will create a strong bank to serve foreign and local bank depositors.

Tomorrows day would be a nightmare without a deal and the president stated that he would want to think what it would be like without a deal. The European Central Bank would just stop providing liquidity and all hell would break loose.

The main commitment made by the president was that he will do anything to ensure the provident fund deposits in the two banks remain intact.

He also promised to appoint an investigation team which will unveil all those who acted against the benefit of Cyprus and their actions aided our downhill path to the situation we find ourselves today.

Thanking all of his associates and assistants the president concluded his speech to the public.