URGENT ¥¥¥ Negotiations pay off, Cyprus's Anastasiades tweets

Fierce negotiations to resurrect a deal for the EU and the IMF to bail out Cyprus appeared to have wrapped up early on Monday, President Nicos Anastasiades indicated on Twitter.

"Efforts have culminated," read a translation from the Greek, with EU sources subsequently stating that a preliminary agreement was in place to hit Bank of Cyprus depositors with a massive 40 percent "haircut" on deposits of more than 100,000 euros pending endorsement by Eurogroup finance ministers.