Cyprus and the “troika” have reached a deal tonight. Reports are the euro zone finance ministers have also approved the plan. Preliminary reports are that there will be no tax on depositors, and apparently this means approval from the Cypriot Parliament is not required.
An announcement is expected from the Eurogroup here.
A few details from CyprusMail: Bailout deal reached
Deposits below 100,000 euros in Laiki will be transferred to Bank of Cyprus. Deposits above 100,000 euros, which under EU law are not insured, will be frozen and will be used to resolve debt. It remains unclear how large the writedown on those funds will be. Some reports suggested it might be as high as 40 per cent. Sources told Reuters that the proposal involved shifting deposits below 100,000 euros from the Popular Bank of Cyprus (also known as Laiki) to the Bank of Cyprus to create a “good bank”.
Monday economic releases:
• At 8:30 AM ET, Chicago Fed National Activity Index for February. This is a composite index of other data.
• At 10:30 AM, Dallas Fed Manufacturing Survey for March. The consensus is an increase to 3.4 from 2.2 in February (above zero is expansion).
• At 1:15 PM, Speech by Fed Chairman Ben Bernanke, Monetary Policy and the Global Economy, At the London School of Economics and Political Science, London, United Kingdom
Weekend:
• Summary for Week Ending March 22nd
• Schedule for Week of March 24th
The Asian markets opened green tonight with the Nikkei up 1.4%.
From CNBC: Pre-Market Data and Bloomberg futures: the S&P futures are up 8 and Dow futures are up 70 (fair value).
Oil prices are up with WTI futures at $94.02 per barrel and Brent at $107.95 per barrel.