Tense negotiations between Cyprus and its international creditors yielded a preliminary agreement early Monday that paves the way for the cash-strapped island nation to receive a 10 billion euro ($13 billion) bailout, a diplomat said. Under the last-ditch agreement, Cyprus' second-largest bank, Laiki, will be restructured and holders of bank deposits of more than 100,000 euros will have to take losses. It was not immediately clear whether the holders of large deposits in the remaining Cypriot banks would also be forced to take losses. Cyprus, creditors secure agreement toward bailout - Yahoo! News
As usual, an agreement is reached just before the markets open.