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The Cyprus deal: light on detail, heavy on price

Monday, March 25, 2013 - 01:53

Mar. 25 - In the end nothing went according to plan with the Cyprus bailout, but everything went according to euro zone precedent. We look at the details, and who pays the price.

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In the -- nothing went according to upon with Cyprus but everything went according to eurozone precedents. A lot states deal was reached bailout funds were secured but the conditions attached to those loans are going to be tough. So what other details of the bailout a -- German finance minister Wolfgang short book called -- fault. Well not. Everyone thinks it's fair far from it as responsible beautiful land ten billion euros Cyprus should stop receiving those funds and -- may. In a ton Cyprus will freeze -- -- at its two largest banks one of them that largely stay on popular bank of Cyprus known as like you bank. Will effectively be one done. Like -- deposits of more than 100000. Euros mostly from separate businesses and wealthy cypriots Russians and bulletins. Will be transferred to abide by. Not more raised some four point two billion euros. Deposits under 100000. We'll be kept safe and -- -- to create a good bike at the bank of Cyprus. The IMF as expected to lend funds but how much has yet to be determined. Russia which has already -- Cyprus 2.5 billion dollars may also contradict. But cups three easing the terms of not long. But given how badly but many of its wealthy citizens will be from the -- on large savings. Most school may not be too willing to help out. Ten -- capital controls will be put in place to avoid the buying one when the banks reopened Tuesday. EU commissioner Michel bunny. Says these controls -- only lost a few days. -- those I'm skeptical. So the -- economy may have avoided the electric chair of eurozone exit. But -- facing death by a thousand cuts from a static state collapsed banking system shot of confidence. And rising unemployment. -- we gave up -- Reuters.

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The Cyprus deal: light on detail, heavy on price

Monday, March 25, 2013 - 01:53