FX VOICE: The Cyprus bailout

Europe finally agreed a deal on a Eur10 billion bailout for Cyprus to prevent its banking system from collapsing. CT asks what this controversial rescue means for the euro.

By Daniel Flatt

Mar 25, 2013

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Mitul Kotecha, head of global FX strategy, Credit Agricole CIB:
The bailout deal for Cyprus resulted in the euro jumping above 1.3 versus the dollar. The good news is that the prospects of a default and exit from the eurozone have diminished significantly, while the European Central Bank will not follow through with its threat to cut off liquidity to Cyprus’ banks.

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