Various reports say the Cypriot government and Troika have agreed on a deal. Parliament is likely to vote later today.
The deal will include a 20% tax on deposits at the Bank of Cyprus and a 4% levy at other banks. Pension funds will not be part of the package, according to Reuters who cites an anonymous source.
It`s a harsh deal but that was expected. If the deal is approved, look for the euro to climb when markets re-open as uncertainty is removed.
Of course, last week the government reached a deal to tax accounts 10% and it all fell apart in parliament.
