Cyprus is committed to meeting all the terms of a 10 billion euro ($12.83 billion) bailout deal agreed with international lenders last week, the euro zone state's new finance minister Harris Georgiades said on Wednesday.

The island has already slashed the size of its large banking sector and imposed a levy on large bank deposits as required by the financial aid deal.

"We shall implement the (memorandum of understanding) fully, and without any derogations. We shall meet all timeframes, we will meet all targets," Georgiades, who replaced Michael Sarris after he quit as finance minister on Tuesday, told reporters.