Cyprus is in crunch mode today.
The Cypriot parliament needs to get nine bills related to banking reform, capital controls, and setting up an investment fund to raise cash for a bailout of its banks and also submit its new proposal to the EU for consideration.
New comments out of Cyprus via Reuters suggest a deal may be done today.
Cyprus ruling party says a bailout deal acceptable to the EU may be only hours away.— Jamie McGeever (@ReutersJamie) March 22, 2013
The chart below shows the move in the euro against the U.S. dollar. It moved from levels around 1.2935 up to 1.30 in a matter of minutes, but has since backed off a bit.
More From Business Insider
- ANALYST: The Market Reaction To Cyprus Has Been 'Fantastic' Thanks To 'Massive Manipulation'
- The EU Is Said To Be Considering A Plan For Cyprus Thought Too Extreme A Week Ago
- ANOTHER REPORT: Cyprus Will Shut Down Laiki, Split It Into 'Good' And 'Bad' Banks