Get Your Money Out While You Can - Mike Shedlock - Townhall ...

One could tell from the rise in the futures this evening that a deal was reached, but conflicting reports had me wondering "what deal?"

The story now is that president Nicos Anastasiades threatened to resign if the terms were not acceptable (a nice strategy), and euro leaders agreed to a 10 billion euro bailout.

Reuters reports Revamped Cyprus deal to close bank, force losses.

Cyprus clinched a last-ditch deal with international lenders on Monday for a 10 billion euro ($13 billion) bailout that will shut down its second largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians.

The agreement emerged after fraught negotiations between President Nicos Anastasiades and heads of the European Union, the European Central Bank and the International Monetary Fund - hours before a deadline to avert a collapse of the banking system.

Deposits above 100,000 euros, which under EU law are not guaranteed, will be frozen and used to resolve debts, and Laiki will effectively be shuttered, with thousands of job losses.

An EU spokesman said no levy would be imposed on any deposits in Cypriot banks. A first attempt at a deal last week collapsed when the Cypriot parliament rejected a proposed levy on all deposits.

A senior source involved in the talks said Anastasiades had threatened to resign at one stage if he was pushed too far.

EU diplomats said the president, flown to Brussels in a private jet chartered by the European Commission, had fought to preserve the country's business model as an offshore financial centre drawing huge sums from wealthy Russians and Britons.

The revised bailout plan many not require further parliamentary approval since the idea of a levy was dropped.

Source: http://townhall.com/columnists/mikeshedlock/2013/03/25/get-your-money-out-while-you-can-n1548024

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