Cyprus and EU/IMF agree draft proposal to rescue banks

Cyprus, the European Union and the International Monetary Fund have agreed a new plan to try to resolve the island’s shattered banks and finance a rescue of the country, EU officials said early on Monday.

The proposal, which will now be put to euro zone finance ministers for approval, will involve setting up a “good bank” and a “bad bank”.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1199267/cyprus-and-euimf-agree-draft-proposal-rescue-banks