Cyprus, creditors secure agreement toward bailout

By Don Melvin, Juergen Baetz

Published March 24, 2013 4:00am ET

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Cyprus, creditors secure agreement toward bailout — Bank employees protest outside the ministry of finance on Saturday, March 23, 2013. Thousands of bank employees took part in a protest that ended outside the Cypriot parliament. Politicians in Cyprus were racing Saturday to complete an alternative plan raising funds necessary for the country to qualify for an international bailout, with a potential bankruptcy just three days away. Banner at right reads: "Who voted for you members of parliament? The Troika?" (AP Photo/Petros Giannakouris) | Petros Giannakouris

BRUSSELS (AP) — A diplomat says Cyprus and its international creditors have agreed on the key elements of an agreement that paves the way for the nation to receive a 10 billion euro ($13 billion) bailout.

The European Union diplomat said early Monday that Cyprus’ second-largest bank, Laiki, will be restructured and holders of bank deposits of more than 100,000 euros will have to take losses.

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