Cyprus will receive the loan through the International Monetary Fund and the European Stability Mechanism (ESM), both of which Finland is a member.
According to Urpilainen, the package shifts sufficient responsibility to those behind the country's economic crisis.
"In practice, bank shareholders will suffer losses, while junior investors and deposits will be trimmed by a tax-like levy," the Finance Minister pointed out.
Urpilainen noted that with banks closed this weekend a flood of funds out of the country to escape the levy is not possible. Almost half of deposits in Cypriot banks are believed to belong to non-resident Russians.