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Eurogroup Has Approved Cyprus Bailout Plan!

|Includes: EUFX, EUO, Invesco CurrencyShares Euro Trust ETF (FXE)

The Eurogroup (comprised of Eurozone finance ministers) have approved the plan drawn by the troika to bail out Cyprus. Also, since the deposit tax portion of the bailout was passed as a "bank resolution," it does not require approval of the Cyprus parliament. The deposit tax will hit only deposits above 100,000 euros in Laiki and the Bank of Cyprus.