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.
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