LOC22:31
19:31 GMT
WASHINGTON, March 25 (KUNA) -- The United States on Monday said it backed
the European Union's last-minute agreement to bailout beleaguered Cyprus with
a USD 13 billion rescue package.
White House said it was working with the EU on supporting its financial
system.
"The President has talked about the impact that this instability on the
financial system in Europe has had on the American economy, so it's something
that we're engaged in trying to help the European to solve."
EU's Cyprus bailout aims to avert an economic meltdown that would protects
insured depositors and closes troubled banks.
Meanwhile, the Treasury Department also backed the agreement as "critical."
"It is critical to lay the foundation for a return to financial stability
and growth in Cyprus," the Treasury said in a statement on Monday, adding that
financial stability in the eurozone was important to the United States. The
European Union is the United States' largest trading partner.
Treasury said it would monitor developments closely as details are
finalized. (end)
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