Cyprus and Troika agree on draft bailout plan

Published time: March 25, 2013 00:28

French minister of Economy, Finances and Foreign Trade Pierre Moscovici (R) and International Monetary Fund chief Christine Lagarde (L) chat next to EU Commissioner for Economic and Monetary Affairs Olli Rehn (C) prior to an extraordinary Eurozone meeting on March 24, 2013 at the EU Headquarters in Brussels (AFP Photo / John Thys)

 

A draft bailout deal for Cyprus has been agreed between the EU, the IMF and the Cypriot leadership. The proposal will now be presented to eurozone finance ministers for approval.
The new proposal will set up a "good bank" and a "bad bank" and will mean that the country’s second largest bank Laiki will effectively be shut down, Reuters reports.

"It seems that the whole process is nearing an agreement," the speaker of Cypriot parliament Yiannakis Omirou told reporters in Nicosia. "A proposal is taking shape, an agreement, a program ... that will put in the next half hour, or hour, to the Eurogroup," he said.

DETAILS TO FOLLOW

http://rt.com/news/cyprus-eu-imf-bailout-764/