Cyprus backs 'painful' bailout deal

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The government of Cyprus has defended a 10bn-euro bailout deal to save its banks from collapse, amid warnings the island now faces deep recession. Our reporter Rob Young presents WBR live from Nicosia, getting reaction to a deal that will see better-off savers losing some or all of their deposits over 100,000 euro. He speaks to the Cyprus commerce minister Yiorgos Lakkotrypis about the potential fallout and hears the fears of Cypriot families. And as words like troika and haircuts fill the airwaves once again, we hear the thoughts of our regular commentator Lucy Kellaway about the latest financial mumbojumbo.