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EU ministers approve plan to bailout Cyprus

Monday, March 25, 2013 - 01:41

March 25 - Cyprus to get 10 billion euro bailout. Julie Noce reports.

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Euro zone ministers reach an 11th hour deal with Cyprus on a 10 billion euro bailout plan to spare the country from financial meltdown. Eurogroup Chairman Jeroen Dijsselbloem. (DYE-shul-bloom) (SOUNDBITE) (English) EUROGROUP CHAIRMAN JEROEN DIJSSELBLOEM, SAYING: "The programme will be based on ambitious measures in areas of fiscal consolidation, structural reforms and privatisation. The authorities will also take decisive action to safeguard the stability of the financial sector, including bank resolution and deep restructuring measures concerning the two largest banks." Those ambitions measures include the closure of the Popular Bank of Cyprus, also known as Laiki, and the transfer of deposits below 100,000 euros to the Bank of Cyprus Deposits above 100,000 euros will be frozen and used to resolve debts. And of course, Cyprus will remain a part of the European Union. Cypriot Finance Minister Vassos Shiarly. (vas-oss shee-ah-lee) (SOUNDBITE) (English) CYPRIOT FINANCE MINISTER VASSOS SHIARLY, SAYING: "Essentially it's not that we won a battle but we really have avoided a disastrous exist from the Eurozone." The news played well in Asia- where markets opened up on the news. The Nikkei rebounded after a sharp fall last week... the South Korean won, also up. And in China, the yuan traded at 6.2 per dollar, it's highest level ever on news that crisis had been averted.

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EU ministers approve plan to bailout Cyprus

Monday, March 25, 2013 - 01:41