Markets positive as Cypriot bank branch deal announced

(Source: Yahoo! Finance)

The FTSE is up following news that an agreement has been reached to spin off Greek units of indebted Cypriot banks. The Cypriot presidency made a statement:

After talks between Cyprus President Nicos Anastasiades with Greek Prime Minister Antonis Samaras, it was confirmed that the spinoff issue of Greek branches of Cypriot banks has been settled with the most favorable terms under the present circumstances, with a significant benefit for the Cypriot side.

Cypriot bank branches Manoj Ladwa, head of trading at TJM Markets:

We do need to see more done. Traders are still on tenterhooks at the moment, and until we get a final resolution in Cyprus it will be quite jittery. However, you would have thought that with the week we've had investors would have sold off a bit more, so the market is proving resilient.