Cyprus and Troika come to terms on haircut

EU and IMF officials have struck a bailout deal with Cyprus. One banking chain goes to the wall, and major clients, who include many Russians, will take a giant hit. 

The deal received final backing at about 2 a.m. in Brussels (0100 GMT), 12 hours into marathon talks between Cypriot president Nicos Anastasiades with the European Union, the European Central Bank (ECB) and the International Monetary Fund. Anastasiades said he was "content" with the deal.
"Efforts have culminated," he posted on Twitter.

After Sunday's meeting, Anastasiades said he felt the negotiations had left him no options to help his country. However, that appeared to have changed by early Monday morning.

The crunch talks were called after the ECB threatened to halt life-support funding for Cyprus on Monday if there was no deal. Banks are scheduled to reopen on Tuesday after a 10-day shutdown.

Read more: Cyprus and Troika come to terms on haircut | News | DW.DE | 25.03.2013