Last-minute deal resurrects Cyprus bailout

EU and IMF officials struck a last-minute deal with Cyprus early Monday to resurrect a bailout for the island -- but one banking chain goes to the wall and major clients, who include many Russians, will take a giant hit.

Final backing was received at around 09am (Hong Kong time), 12 hours into marathon talks for President Nicos Anastasiades with European Union, European Central Bank, International Monetary Fund and euro zone leaders, with Cypriot President Nicos Anastasiades saying he was “content.”

via Business feed http://www.scmp.com/business/economy/article/1199303/last-minute-deal-resurrects-cyprus-bailout