Deal reached to prevent Cyprus bank collapse
Published:Monday | March 25, 2013 | 9:01 AM
Eurozone finance ministers have agreed on a 10 billion euro bailout for Cyprus to prevent its banking system from collapsing and to keep the country in the Eurozone.
Reports suggest that the deal will include a levy on deposits of more than 100,000 euros in Cyprus' two biggest banks.
It's further reported that the levy could be as high as 40 percent.
The European Central Bank had set a deadline of Monday for a deal.
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