George Liu's  Instablog

Main sticking point: assumption of liabilities after the split-up of Laiki. Germany and the IMF vs. Cyprus in its meeting with the troika; Eurogroup meeting afterwards. It's going to be a long night but most likely a positive one, as the overall draft of the bailout seems to be agreed upon. The draft also includes a significant levy of about 20% on deposits above 100,000 euros at Laiki and a 4% levy on accounts of above the same level at other banks.

Also, Cyprus imposes €100 per day limit on ATM withdrawals and Turkey is complaining about Cyprus's natural resources.

Although Russia declined to offer Cyprus bailout aid before Cyprus obtains the bailout from the Eurogroup and IMF, progress has been made in Cyprus' fundraising of the 5.8 billion euro portion of the bailout, which was one of the major terms of the bailout. Just today, the Cyprus parliament approved three key bills that aim to fundraise the 5.8 billion euros, including " including a key one on restructuring the country's ailing banks, which lost billions on bad Greek debt; a second on restricting financial transactions in times of crisis; and one that sets up a 'solidarity fund' into which investments and contributions will flow." Also, UK experts are being flown to Cyprus to advise it on its banking system; hopefully they don't pull an Osborne and implement austerity measures that resulted in Moody's (and most likely Fitch) downgrading UK's AAA rating.

Yes. The other parts of the Eurozone still exist. It's not just Cyprus. Flash PMI figures came out today for parts of the eurozone and...well...they aren't Cyprus-horrible. But they're still pretty bad. A reading of anything above 50 indicates an expansion in economic activity; a reading of anything less than 50 indicates a decline in economic activity.

Overall the flash Eurozone manufacturing PMI unexpectedly dropped to 46.6 in March from 47.9 in February; manufacturing output 46.5 vs 47.8; services 46.5 vs 47.9; composite output 46.5 vs 47.9.

Germany's flash manufacturing PMI drops to 48.9 from 50.3; manufacturing output 49.8 vs 50.7; services 51.6 vs 54.7, composite output 51 vs 53.3.

France's flash manufacturing PMI remained unchanged at 43.9; manufacturing output rises to 42.8 from 41.8 in February; services drops to 49-month low of 41.9 from 43.7; composite output drops to four-year low of 42.1 from 43.1.

These are flash PMIs, which are only estimates of the actual PMI figures (which have not come out yet), but don't expect the actual PMI figures to deviate too much.