Cyprus clinches last-ditch deal with the EU for a €10bn bailout

25 March 2013 03:47  [Source: ICIS news]

SINGAPORE (ICIS)--Cyprus struck a last-minute deal with international creditors early on Monday to secure a €10bn ($13bn) bailout that will prevent its banking system from collapsing and a forced exit from the eurozone, according to media reports.

Cyprus has agreed with the EU, the European Central Bank (ECB) and the International Monetary Fund (IMF) for a bailout deal which will effectively shut the Mediterranean island's second largest lender, Laiki Bank.

Depositors with accounts holding more than €100,000 in Laiki Bank will be frozen and used to resolve debts, according to the media reports.

Oil prices rose following news of the bailout deal, with Brent crude for May delivery climbing by 38 cents to $108.04/bbl at 03:25 hours GMT. NYMEX WTI crude for May delivery was up by 40 cents at $94.11/bbl.

($1 = €0.77)

By: Nurluqman Suratman

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