Cyprus' Parliament president says a 10 billion euro ($13 billion) package of rescue loans secured by his country in tense, last-ditch negotiations is a "painful one," although the bailout saved the country from a banking system collapse and bankruptcy.

The deal reached in Brussels early Monday prevented Cyprus' imminent financial meltdown by securing the 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.

To secure the rescue loan package, the Cypriot government had to find ways to raise 5.8 billion euros ($7.5 billion) on its own. The bulk of that money is now being raised by forcing losses on large bank deposit holders, with the remainder coming from tax increases and privatizations.

Cyprus must drastically shrink its banking sector, cut its budget, implement structural reforms and privatize state assets, said Jeroen Dijsselbloem, who chairs the meetings of the eurozone's finance ministers. The country's second-largest bank, Laiki, will be restructured, with all bond holders and people with more than 100,000 euros in their bank accounts there facing significant losses.

The damage has been done. There should be and can be no trust. Anyone who keeps more money in Southern European banks than they need to pay immediate bills is a fool.

The safe thing to do in Southern Europe is to get your money out of banks immediately.