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Cyprus in last-ditch Effort Agree to Bailout or ‘Bail-in’

Details of EU/IMF bailout agreement with Cyprus

Negotiations in Brussels, Cyprus in last-ditch effort to agree to bail-in for 10 Billion Euros.

Euro rises on deal news – News that there might be a deal in Brussels has sent the euro rising around half a cent, up at $1.3033 against the US dollar (from $1.297 a few minutes earlier).

Cypriot Laiki bank to be closed down, Bank of Cyprus restructured

• President threatened to resign over bank restructuring
• Cyprus in bail-in for Bank of Cyprus, savers under 100k insured
• Insiders: Troika: 25% levy on Bank of Cyprus savers with over €100,000
• Cyprus ATMs cut withdrawal limit, readers say
• Archbishop of Cyprus to appeal to Russian businessmen

Cyprus, officially the Republic of Cyprus, is an island country in the Eastern Mediterranean Sea, east of Greece, south of Turkey, west of Syria and Lebanon, northwest of Israel and the Gaza Strip, and north of Egypt.

Russians bank heavily in Cyprus and have a big stake in the future of the Cyprus banking system.

More details on the so-called bail-in emerging now.

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