Protesters hold a banner during an anti- bailout rally outside of European Union house in capital Nicosia, Cyprus, Sunday, March 24, 2013. After failing for a week to find a solution to a crisis that could force their country into bankruptcy, Cypriot politicians turned to the European Union on Sunday in a last-ditch effort to help the island nation forge a viable plan to secure an international bailout. (AP Photo/Petros Karadjias)
Protesters hold a banner during an anti- bailout rally outside of European Union house in capital Nicosia, Cyprus, Sunday, March 24, 2013. After failing for a week to find a solution to a crisis that could force their country into bankruptcy, Cypriot politicians turned to the European Union on Sunday in a last-ditch effort to help the island nation forge a viable plan to secure an international bailout. (AP Photo/Petros Karadjias)
From left, French Finance Minister Pierre Moscovici, Managing Director of the International Monetary Fund Christine Lagarde and German Finance Minister Wolfgang Schaeuble speak with each other during an emergency eurogroup meeting in Brussels on Sunday, March 24, 2013. The EU says a top official will chair a high-level meeting on Cyprus in a last-ditch effort to seal a deal before finance ministers decide whether the island nation gets a 10 billion euro bailout loan to save it from bankruptcy. (AP Photo/Geert Vanden Wijngaert)
A protestor waves a Cyprus flag in front of riot policemen during an anti-bailout rally outside of European Union house in Nicosia, Cyprus, Sunday, March 24, 2013. After failing for a week to find a solution to a crisis that could force their country into bankruptcy, Cypriot politicians turned to the European Union on Sunday in a last-ditch effort to help the island nation forge a viable plan to secure an international bailout. (AP Photo/Petros Karadjias)
A protestor holds a banner as he takes part in an anti- bailout rally outside of European Union house in Nicosia, Cyprus, Sunday, March 24, 2013. After failing for a week to find a solution to a crisis that could force their country into bankruptcy, Cypriot politicians turned to the European Union on Sunday in a last-ditch effort to help the island nation forge a viable plan to secure an international bailout. (AP Photo/Petros Karadjias)
Personnel carry in boxes of pizza to the European Council building as an emergency eurogroup meeting takes place in Brussels on Sunday, March 24, 2013. The EU says a top official will chair a high-level meeting on Cyprus in a last-ditch effort to seal a deal before finance ministers decide whether the island nation gets a 10 billion euro bailout loan to save it from bankruptcy. (AP Photo/Virginia Mayo)
NICOSIA, Cyprus (AP) ? Cyprus' Parliament president says a deal reached for his country to raise billions in order to qualify for an international bailout is a "painful one" for the island nation's people and a defeat for European solidarity.
Yiannakis Omirou said Monday that Cyprus must work fast to reform its economy and leave the bailout as soon as possible.
The deal reached in Brussels early Monday prevented Cyprus' imminent financial meltdown by securing a last-minute 10 billion euro ($13 billion) bailout on the condition that the country cut back its banking sector and force large losses on big deposits to help pay much of the bill.
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