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Just Announced: Cyprus Reaches Deal With EU "In Principle"

We can all sleep well tonight.
Rampapalooza As Cyprus-Troika Reach Deal
3-24-13

While we have little color on what kind of carnage the President of Cyprus had to accept to his fellow countrymen, the ness is that :

*CYPRUS, TROIKA REACH AGREEMENT IN PRINCIPLE, EU OFFICIAL SAYS

The terms, unsurprisingly what zee Germans wanted, are:
i) Laiki [bank] to be wound down;
ii) Bank of Cyprus to survive but with deposit haircuts,
iii) deal would see secured deposits in Laiki moved to Bank of Cyprus.

In other words, a deal far worse then the original on proposed by the Eurogroup last week - when the banks still existed. The key appears to be the 'saving' of the insured depositors (crucial to avoid a pan-European bank run) and the crushing of the 'whale' depositors. S&P 500 futures and EUR are surging, Gold is dropping modestly.
http://www.zerohedge.com/news/2013-03-24/rampapalooza-cyprus...



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