Cyprus crisis averted, stocks rebound

The Mediterranean island of Cyprus, having taken global markets on a vertiginous ride, struck a €10bn ($13bn) bailout deal over the weekend.

And as fears of the Eurozone trundling into another banking crisis subsided, equity market rally picked up right where it left off, reports FT.com.

Nicosia, the nation’s capital, is pushing for legislation that will shut down Cyprus Popular Bank and impose strict capital controls to prevent money, the bulk of which belongs of wealthy Russians, being funnelled out of the country.

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Staff

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