Cypriot president Nicos Anastasiades may have been short of options but now the bailout has been agreed many of his compatriots are predicting tough times ahead.
The country is now expected to face an immediate and deep recession and years of hardship.
Nikos Pithakis, a Cypriot shop owner said: “In order to survive I will have to either let staff go, or reduce their wages by 20 percent so as not to fire them.
“Furthermore we will lower our prices as much as we can to attract more people to come. But I believe Cypriots are strong people, we will survive.”
Another Cypriot businessman, Nikos Mitsis, said he thinks the jobs market, which is already bad, is about to get even worse:
“Yes certainly, at the moment there is unemployment and now unemployment will rise which will undoubtedly have consequences for us,” he said.
As people in Cyprus struggle on after the drama of the tough negotiations and last minute deal in Brussels, most people still do not know what it will mean for them.