Cyprus and Troika agree on draft bailout plan
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