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SYDNEY (MarketWatch) — Cyprus reached a deal with its European and international lenders, announced early Monday, which will free up aid for the nation’s ailing finances, but will result in the spilt-up of the nation’s second-largest bank and possibly a levy on large deposits.
However, deposit holders with less than €100,0000 in their accounts would receive protection under European principles
“Efforts have culminated”, read a translation from the Greek, with EU sources subsequently stating that a preliminary agreement is in place to hit Bank of Cyprus depositors with a massive 40 per cent “haircut” on deposits of more than 100,000 euros pending endorsement by Eurogroup finance ministers