The basic gist of his message is this:
Cyprus is in a huge crisis, and the country was given two choices, blackmail style.
Either the government could get no help, and see a complete collapse of the economy and the financial system, as the banks ran out of money.
Or Cyprus could take the "bailout" deal, which involves the painful tax on everyone's deposits.
The President believes the latter options is superior.
Here are some tweets to describe what the speech from folks on the ground, including Ekathimerini editor Nick Malkoutzis.
#Anastasiades: We were given 2 blackmail-style options at Eurogroup. 1 would lead to disorderly bankruptcy. The other to stabilizing system
— Nick Malkoutzis (@NickMalkoutzis) March 17, 2013
#Anastasiades: If I opposed deposit tax, our financial system would eventually collapse #Cyprus
— Nick Malkoutzis (@NickMalkoutzis) March 17, 2013
#Anastasiades: The option we chose is not the one we wanted but the least bad option #Cyprus
— Nick Malkoutzis (@NickMalkoutzis) March 17, 2013
#Anastasiades: Depositors will not lose as they will be given equity. #Cyprus
— Nick Malkoutzis (@NickMalkoutzis) March 17, 2013
Anastasiadis: those that keep deposits for two years will get half the value of the levy in securitized gas revenues
— Yiannis Mouzakis (@YiannisMouzakis) March 17, 2013
#Anastasiades: Deposit tax needs Parliament's approval. I will respect parties' decision. Road ahead is not easy #Cyprus
— Nick Malkoutzis (@NickMalkoutzis) March 17, 2013