Cyprus and its institutional lenders have reached a bailout deal,
according to reports citing European Union officials. As part of the
agreement the country will impose a 40% haircut on Bank of Cyprus
depositors holding more than 100,000 euros ($129,760) in their accounts.
The deal will now be put to the Eurogroup in Brussels for approval. The
weekend saw tense meetings between Cyprus and the Troika -- the
European Commission, the European Central Bank and the International
Monetary Fund -- to reach a deal before a Monday evening funding
deadline.
Source by Commodity Insights
No comments:
Post a Comment