BRUSSELS -- Authorities from Cyprus and the so-called troika of international lenders -- the European Commission, the European Central Bank and the International Monetary Fund -- reached agreement on a bailout loan for the country of up to 10 billion euros. A look at key parts of the deal:
- Cyprus had to come up with 5.8 billion euros somehow to secure the bailout.
- Depositors in the country's second-largest bank, Laiki, with accounts of more than 100,000 euros will lose an unspecified amount of their money. The move is expected to yield 4.2 billion euros overall -- or most of the needed amount.
- The remainder of the money will come from tax increases and privatizations.
- Cyprus had to agree to restructure its banking sector, which is unusually large for the size of its economy.
- Laiki will be dissolved at once and split into a "good bank" and a "bad bank." The "good bank" portion of Laiki will be folded into the largest bank, the Bank of Cyprus.
