Here goes the ground breaking news…

Eurogroup

  • Eurogroup committed to stable EMU and stand by Cyprus in reforms
  • Negotiations based on Troika analysis
  • Wants rapid Cyprus Plan B for discussion ( what the blazes have they been doing all day then?)
  • Plan B must respect previous parameters
  • Reaffirms previous EU guarantee for deposits of under 100k
  • Majority still insist on dep levy

Cyprus

  • Govt to tell Eurogroup it’s against deposit levy
  • If deposit levy, must be a small one
  • Floats internal borrowing plan to Eurogroup
  • Russia rejected all govt proposals and only discussing current loan extension (when your over a barrel you don’t get much choice)