Eurozone Finance Ministers have reached an agreement to prevent the collapse of banking system in Cyprus. Reports suggest, the deal will include a levy on deposits of more than one lakh euros in Cyprus' two biggest banks. Cyprus needs to raise 5.8 billion euros to qualify for a 10 billion Euro EU bailout and avoid bankruptcy. Finance Ministers from 17 countries using the Euro met in Brussels, in a last minute attempt, to prevent the collapse of the banking system in Cyprus. The European Central Bank had warned that it will suspend emergency funding for Cypriot banks unless a new deal is approved by today.