The Eurogroup backs down, calling for Cyprus bank deposits under €100K to be guaranteed. "The...

|By:, SA News Editor

The Eurogroup backs down, calling for Cyprus bank deposits under €100K to be guaranteed. "The Cypriot authorities will introduce more progressivity in the one-off levy compared to what was agreed on March 16 ... the stability levy on deposits is a one-off measure." We've heard "one-off" more than once during this crisis. The euro (FXE) firms by about 25 pips.