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Monday, 25 March 2013
Cyprus gets aid deal (Report by Marketwatch)
SYDNEY (MarketWatch) -- Eurogroup officials announced a deal to provide
Cyprus with 10 billion euros ($13 billion) in aid, in exchange for a
series of measures which include the closure of a major bank and a levy
on some large deposits. Top officials from the Eurogroup -- which
represent the finance ministers of the 17 euro-zone nations -- briefed
the news media on the deal shortly after midnight Monday morning,
beating a deadline that would have shut down European Central Bank
support and likely resulted in Cyprus leaving the currency bloc.
Eurogroup chief Jeroen Dijsselbloem said deposits of less than €100,000
would be protected, but added that there was no way to save the
country's second-largest lender, Popular Bank of Cyprus or "Laiki Bank."
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