The agreement came hours before a deadline to avert a collapse of the banking system in fraught negotiations between President Nicos Anastasiades and heads of the European Union, the European Central Bank and the International Monetary Fund.
Banking stocks rose after a deal between Cyprus and heads of the European Union, the European Central Bank and the International Monetary Fund will spare the Mediterranean island a financial meltdown by winding down the largely state-owned Popular Bank of Cyprus and shifting deposits below 100,000 euros to the Bank of Cyprus to create a "good bank".
Banking stocks rose after a deal between Cyprus and heads of the European Union, the European Central Bank and the International Monetary Fund will spare the Mediterranean island a financial meltdown by winding down the largely state-owned Popular Bank of Cyprus and shifting deposits below 100,000 euros to the Bank of Cyprus to create a "good bank".
The agreement came hours before a deadline to avert a collapse of the banking system in fraught negotiations between President Nicos Anastasiades and heads of the European Union, the European Central Bank and the International Monetary Fund.
The agreement came hours before a deadline to avert a collapse of the banking system in fraught negotiations between President Nicos Anastasiades and heads of the European Union, the European Central Bank and the International Monetary Fund.
*IMF urges Belarus to focus on reducing inflation. MINSK, March 25- The International Monetary Fund urged Belarus on Monday to stop cutting interest rates and boosting wages and other spending in pursuit of high growth and focus on curbing inflation and maintaining macroeconomic stability.
*IMF urges Belarus to focus on reducing inflation. MINSK, March 25- The International Monetary Fund urged Belarus on Monday to stop cutting interest rates and boosting wages and other spending in pursuit of high growth and focus on curbing inflation and maintaining macroeconomic stability.
The agreement came hours before a deadline to avert a collapse of the banking system in fraught negotiations between President Nicos Anastasiades and heads of the European Union, the European Central Bank and the International Monetary Fund.
The agreement came hours before a deadline to avert a collapse of the banking system in fraught negotiations between President Nicos Anastasiades and heads of the European Union, the European Central Bank and the International Monetary Fund.
BRUSSELS, March 25- Cyprus clinched a last-ditch deal with international lenders on Monday for a 10 billion euro bailout that will shut down its second largest bank and inflict heavy losses on uninsured depositors.
BRUSSELS, March 25- Cyprus, the European Union and the International Monetary Fund have agreed a new plan to try to resolve the island's shattered banks and finance a rescue of the country, EU officials said early on Monday. Deposits below 100,000 euros in Laiki will be transferred to Bank of Cyprus, the country's largest bank.