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"I welcome the agreement reached by the Eurogroup and the Cypriot authorities early this morning. The agreement is essential to ensure a sustainable future for Cyprus in the euro area. This is first and foremost true for its people that is living through times of great uncertainty.
The growing sense of urgency was the reason why I on short notice called a meeting in Brussels Sunday with the President of Cyprus and the leaders of the European institutions and the IMF. We reached an agreement among all the partners on key parameters. The purpose was to facilitate the decision of the Eurogroup.
It is now for all parties to ensure its implementation as soon as possible. We must all work hard to alleviate the social impact of the crisis in Cyprus, including via mobilising EU funds like the Youth Employment Initiative."