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Asian stocks slip over effects of Cyprus bailout

Published on NewsOK Modified: March 25, 2013 at 10:19 pm •  Published: March 25, 2013
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In return for a 10 billion euros ($13 billion) bailout from international lenders, Cyprus agreed to drastically shrink its banking sector, cut its budget, implement economic reforms and privatize state assets.

Cyprus must contribute 5.8 billion euros to the deal. To do so, the country's second-largest bank, Laiki, will be restructured and bondholders and depositors with more than 100,000 euros will have to take significant losses.

Depositors in the biggest bank, the Bank of Cyprus, with over 100,000 euros will also bear a cost but those with savings up to 100,000 euros will covered by the EU's deposit insurance guarantee.

In energy markets, benchmark oil for May delivery fell 7 cents to $94.74 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.10 to finish at $94.81 a barrel on the Nymex on Monday.

In currencies, the euro rose to $1.2867 from $1.2851 late Monday in New York. The dollar rose to 94.25 yen from 94.16 yen.

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Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson.