European Union officials say Cyprus has reached a bailout deal with international lenders that will see the country’s second biggest bank shut down.

Agreement was reached early Monday at last-minute talks in Brussels with the European Union, European Central Bank and International Monetary Fund.

The deal includes closing down Cyprus’ Laiki bank and moving deposits of $130,000 or less to the stronger Bank of Cyprus. Accounts of more than $130,000 are not insured by EU regulations and … [Read More]

—–
Source: VOA News: Economy and Finance