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IMF chief Lagarde (l) and German finance minister Schaeuble (r) have seen their initial idea prevail (Photo: Council of European Union)

Eurozone agrees Cyprus bailout 2.0

Marathon meetings in Brussels ended in the early hours of Monday (25 March) with eurozone finance ministers and international creditors agreeing a second bailout deal for Cyprus.

Unlike the agreement last week, which saw all depositors in Cyprus take a hit and which was rejected by the Cypriot parliament, this time the deal only affects deposits in the two largest banks - Laiki and the Bank of Cyprus - accounting for about 40 percent of total deposits in the country.

Under the d...

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