Troika negotiating a smaller bailout with Cyprus

According to Newswires, officials have said that the Troika mission is negotiating a significantly smaller bailout with the Cyprus government on the back of a higher privatization proceeds.

The bailout would be of EUR 10B instead of the EUR 17B expected by expert. This change would help to bring debt-to GDP ratio to 100% in 2020.

The EUR/USD is trading at 1.3030 after declining from 1.3070 in the last two hours. Against the Pound, the Euro is declining hard from 0.8790 to the 0.8735.