Cyprus bailout agreed but tourists still advised to take euros
Holidaymakers are still being advised to carry cash to Cyprus despite the EU agreeing a £10 billion euro bailout to prevent the country’s banking system collapsing.
Banks are still closed, daily withdrawals at ATMs are being limited and many businesses are only accepting payment in cash.
The Foreign Office is advising tourists to take sufficient euros to cover the duration of their stay, "alongside appropriate security precautions against theft".
Eurozone finance ministers agreed the deal on a 10 billion-euro bailout for Cyprus to keep the country in the Eurozone just before today’s deadline set by European Central Bank.
The country’s second biggest bank, Laiki (Popular) Bank, will be wound down and holders of deposits of more than 100,000 euros will face losses, reports the BBC.
Laiki will be split into "good" and "bad" banks, with its good assets eventually merged into Bank of Cyprus but all deposits under 100,000 euros will be "fully guaranteed" under the deal.
Diane
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