Sunday, March 24, 2013

Deal Reached On Cyprus Bailout.

Whew!   The Eurogroup of euro zone finance ministers met in Brussels tonight to approve a plan to bail out the Cypriot banking system.

The new deal will see uninsured deposits at the country's two largest banks take a substantial haircut, but insured depositors – those with less than 100,000 euros in their bank accounts – will be spared from the one-off "tax" that was being considered just a week ago.

Reports of a deal between Cypriot and EU officials being reached prior to the Eurogroup meeting caused the euro and the Australian stock market to spike.  Now, the Eurogroup has signed off on the deal as well...

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