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

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(Globalpost/GlobalPost)

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.

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http://www.globalpost.com/dispatch/news/afp/130324/urgent-negotiations-pay-cypruss-anastasiades-tweets