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Sunday, March 24, 2013

Reports: Cyprus Draft Deal Reached, No Details Yet

by Calculated Risk on 3/24/2013 08:10:00 PM

From CNBC: Cyprus, European Union Reach Draft Bailout Deal

Cyprus and its international lenders have reached a draft deal to rescue Cyprus, sources told CNBC.

No levy will be imposed on any deposits in Cypriot banks, but there will be a 'bail in' of Laiki depositors.
From the Peter Spiegel of the Financial Times:
All Laiki deposits over €100k will be whacked. Total of haircut at BoC has not been decided.
The Eurogroup still needs to meet, and then the Cyprus Parliament.

Update: CyprusMail: Bailout deal reached
Acting president Yiannakis Omirou has confirmed that a deal has been struck between Cyprus and international lenders.

Government sources suggest that the deal provides for a 30 per cent haircut on deposits of over €100,000 at Bank of Cyprus while reports said Popular Bank would be resolved.

Laiki deposits under 100,000 will be transferred to a ‘good bank,’ reports said.