Cyprus got its bailout last night.
The details are here, but basically it goes: Depositors over 100K at the two biggest Cypriot banks will get clobbered. Everyone else is spared.
The deal does not need to be voted on by the Cypriot parliament, so that part is over.
There’s probably no reason to expect a gigantic relief rally, since markets didn’t decline much over the course of last week.
But markets are higher at the moment.
Italy has opened up 0.7%, while its national borrowing costs have ticked down a few basis points.
US futures are modestly higher.
In Asia, Japan rallied 1.7%.
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