News 25/03/2013 2:00 am - a bitter sweet victory
Eurogroup has reached an agreement with Cyprus. The details that are available as of this time are as follows:
1) Restructure Laiki bank, safeguarding deposits < 100k
2) Bank of Cyprus is not restructured but a levy on deposits > 100k of 30% will take place
3) ELA from Laiki is “iced” (no further details at this time)
4) Possible further small haircut on remaining banks to safeguard provident funds.
Tough measures following a very difficult negotiation. Troika got what they wanted…
I will let you know when further information is available.
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