Reuters: US Dollar Report: Euro zone confident of swift bailout deal for Cyprus

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Euro zone confident of swift bailout deal for Cyprus Mar 4th 2013, 18:48 BRUSSELS, March 4 | Mon Mar 4, 2013 1:48pm EST BRUSSELS, March 4 (Reuters) - Euro zone finance ministers are confident a deal on a bailout of Cyprus can be reached by the end of March, although details still need to be worked out, top euro zone officials said on Monday. The chairman of euro zone finance ministers, Jeroen Dijsselbloem, told a news conference that the ministers were ready to help the Mediterranean island overhaul its economy, and especially its oversized banking sector. "We agreed to targget a political endorsement of the programme towards the second half of March," Dijsselbloem said, referring to the rescue package, which is set to total up to 17 billion euros. Removing one of the stumbling blocs for an agreement, Dijsselbloem said that the new Cypriot authorities had agreed to an independent review of how Cypriot banks are implementing anti money laundering laws. That is likely to appease Germany, which has raised concerns about money-laundering on the island.

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