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Euro Surging — Cypriot Leaders Hopeful For Deal In The Next Few Hours

Matthew Boesler

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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