Eurozone head Jeroen Dijsselbloem says a deal on a €10bn bailout for Cyprus has brought 10 days of uncertainty to a close.

Under the deal, smaller savers will be protected with deposits below an €100,000 insurance threshold to be folded into a "good" bank created at the Bank of Cyprus. The agreement means anyone with over €100,000 in either of the island's biggest two banks will lose a certain percentage of their savings.

However the the depth of haircut on the Bank of Cyprus will have to be worked out over the coming weeks by the Troika.

A full Memorandum of Understanding with the EU-IMF Troika will be drawn up by the second week of April with parliamentary ratification around the eurozone by the end of the month.

Stocks in Asia have rebounded this morning after the news.

The EU Economic Affairs Commissioner Olli Rehn says it is an important deal.