Cyprus has told European authorities it intends to apply for a bailout, making the country the fifth eurozone country to request international aid.
According to Cypriot authorities, the bailout is required to shore up its flagging banking system, which is heavily exposed to the Greek economy, the BBC reports. Its banks have suffered due to their...
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Investment sector reaction
Multi-asset managers have started reinvesting their high cash positions, with many topping up European exposure as Greece finally reaches a new deal with its creditors.
The bond market faces "strong headwinds" for some time as summer volatility returns and markets anticipate interest rate hikes, according to Invesco Perpetual's fixed income team.
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