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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