Klinz says the last-minute deal to bailout Cyprus was the best solution given the circumstances.
Without a deal, Cyprus's banking system would have collapsed and the country could have become the first to crash out of the European single currency.
Backed by euro zone finance ministers, the plan will spare the Mediterranean island a financial catastrophe by winding down the largely state-owned Popular Bank of Cyprus also known as Laiki, and shifting deposits below 100,000 euros to the Bank of Cyprus to create a "good bank".
Euro zone bailouts getting harder to agree (3:07)
March.25 - The crisis in Cyprus highlights the euro zone bailouts are getting tougher to agree. Reuters discusses the issues with Wolf Klinz MEP. ROUGH-CUT (No reporter narration). ( Transcript )