Cyprus Agrees to the EU's Terms

As the last chance neared Cyprus' government broke down and agreed to the terms of the EU's offered bailout.

The EU had threatened to cut off the country, if it did not agree to the terms, by Monday.

Under the terms, Cyprus will add a tax on all savings accounts, with a higher rate for those over one hundred thousand Euros.

In exchange, the EU will grant them a ten billion Euro bailout.

By agreeing to the terms Cyprus secures it's place in the EU, and in theory avoids a financial collapse.

Public outcry against the terms has been very high, with Cypriots protesting in the streets demanding that their government not sell out.

Due to public anger, banks have been closed for more than a week, with no reopening set, to keep the public from pulling their money out.