“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, Agence France Presse reported. The deal will now be put to the Eurogroup in Brussels for approval, the reports said. 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.”

http://www.marketwatch.com/story/cyprus-troika-reach-bailout-deal-reports-2013-03-24

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