Cyprus secures last-minute €10bn bailout deal

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Cyprus has agreed a €10bn bailout deal that will force large losses on some big deposit holders but avoids a controversial levy on all bank accounts.

The deal, agreed in the early hours of the morning, will see depositors with over €100,000 in Cyprus' two largest banks hit with hefty losses. But in a key change to a plan announced last weekend, there will be no levy on deposits under €100,000. The agreement with international lenders means the European Central Bank will continue providing an emergency lifeline to Cypriot banks - liquidity which it had threatened to pull if no deal could be found. No Parliamentary approval is required for the new deal because it centres on a restructuring of the country's two largest banks rather...

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