Sunday, March 24, 2013 11:30 pm
A glance at the agreement for the Cyprus bailout
The Associated Press
-Cyprus had to come up with 5.8 billion euros somehow to secure the bailout.
-Depositors in the country's second-largest bank, Laiki, with accounts of more than 100,000 euros will lose an unspecified amount of their money. The move is expected to yield 4.2 billion euros overall - or most of the needed amount.
-The remainder of the money will come from tax increases and privatizations.
-Cyprus had to agree to restructure its banking sector, which is unusually large for the size of its economy.
-Laiki will be dissolved at once and split into a "good bank" and a "bad bank." The "good bank" portion of Laiki will be folded into the largest bank, the Bank of Cyprus.