(VOVworld)- Euro zone has approved a 10-billion-euro bailout for Cyprus, rejecting reports that the island nation might be granted more financial assistance to cover a recent surge.

European Central Bank president Mario Draghi is welcomed by Minister for Finance Michael Noonan at the opening the Ecofin meeting in Dublin Castle this morning. Photograph: David Sleator/The Irish Times

The euro zone finance ministers approved Friday in Dublin, Ireland, the terms of the Cyprus bailout deal, while the overall cost of the island’s financial rescue has increased to 23 billion Euros (USD 30 billion). Ministers expressed their delight over the effort of the Government of Cyrus in rescuing its economy and believed that the bailout package will help Cyrus’s economy back to the right track. European finance ministers agreed this afternoon in Dublin to extend Ireland and Portugal’s bailout loans by seven years, a move designed to ensure a smooth exit from the EU-IMF rescue program later this year.