WASHINGTON, March 25 The U.S. Treasury
Department welcomed Cyprus' last-ditch agreement with
international lenders to avoid economic meltdown, saying it was
important to protect insured depositors and shutter troubled
Cyprus will receive a 10 billion euro ($13 billion) rescue
package to prop up its troubled banking system, in return for
closing down its second-largest bank and inflicting heavy losses
on big depositors.
"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
euro zone is important to the United States. The European Union
is the United States' largest trading partner.
"We will continue monitoring developments closely as details
are finalized and the agreement is implemented," the Treasury