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Cyprus FinMin steps down after finalizing bailout deal

FXstreet.com (Barcelona) - Cypriot finance minister Michael Sarris submitted his resignation on Tuesday, just after concluding bailout negotiations with Troika officials. Labor minister Haris Georgiadis has been nominated to the post shortly after.

According to the Greek newspaper Kathimerini, other changes in the Cypriot government might follow today. It also suggests that Michael Sarris was replaced due to the Cyprus president Nicos Anastasiades’s dissatisfaction with the way he handled the crisis.

As for the bailout deal, it was agreed that Cyprus would receive the first tranche of the aid in May. The fiscal adjustment period has been extended until 2018. The bailout loans will carry interest of 2.5% and repayment, spread over 12 years, is to begin in 10 years time. Michael Sarris also said that it was uncertain when the capital controls could be lifted completely.

Commodities Brief – Gold trades at 1585 support, silver falls below 28.00

Gold prices have been engaged in sideways trading to start off the week, however this finally changed in recent minutes as the yellow metal fell off the 1600 handle to fall towards USD $1585.85 per oz. at the time of writing. Bottoming out at this level is below support, and investors will watch for a rebound in prices. The short-term outlook continues to look bearish, with prolonged stability below the 1590 level signaling an acute downtrend for the near future.
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Brown Brothers Harriman analysts note that the RBA kept rates on hold at 3% as expected and held its dovish bias for the most part.
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