Cyprus President to nation on bank-saving bailout
President Nicos Anastasiades said he will address the nation on Sunday to defend a controversial EU bailout deal which he admitted was "painful" but said would rescue the banking sector from collapse.
Without his government's agreement early Saturday to the harsh terms of the deal, the "entire banking system would have collapsed," the newly elected Greek Cypriot leader said in a statement, announcing he would also address the people.