Cyprus Update: Where Are They Now
As Cypriot leaders and Troika creditors discuss the latest bailout for Cyprus, much has happened over the weekend. Here is a quick round-up of the headlines from the past couple of days.
- Cypriot leaders claim to be close a deal with creditors, placing a 20 percent levy on deposits greater than 100 thousand euros at the Bank of Cyprus and 4 percent at the other Cypriot banks.
- Eurozone finance ministers are set to meet at 5 pm GMT Sunday, 1 pm eastern time.
- Cypriot President Anastastiades has departed for Brussels to join the talks with finance ministers. Final negotiations will continue there.
- Nationalizing the pension system in Cyprus has been taken off of the table and is no longer a bargaining point for the Troika. This was a key point that Cypriot lawmakers opposed besides the bank levies.
- Monday is the deadline for any deal, as the European Central Bank announced that it would remove any emergency liquidity measures from Cyprus on Monday.
For further reading on the subject, here are some links:
- Cypriot President Holds Bailout Talks in Brussels - BBC
- Eurozone Offers Cyprus the Exit: the Telegraph
- Bankruptcy Talks Set to Go to the Wire - the Independent
- Cyprus Could Become the First Nation to Leave the Eurozone - the Guardian
- Cyprus Leader in Last Ditch Bailout Talks - the Financial Times
Stay tuned to Benzinga for more coverage of the talks in Cyprus as they progress.
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