Eurozone finance ministers have agreed on a bailout for Cyprus. It will become the fifth international rescue package in three years of the debt crisis.

The €10 billion deal followed 10 hours of talks between EU leaders and the head of the IMF in Brussels.

The package will involve an unprecedented levy on all deposits in Cypriot banks.

The Island will also have to agree to take steps to prevent money laundering, privatize the banking system and inject it with funds to recapitalize it.