Asian Markets Rise as Cyprus Bailout Deal signed

{{Asian stocks and the euro have risen after officials agreed a bailout deal for Cyprus, easing fears that its banking system problems may spread.}}

Cyprus will now get a 10bn euro ($13bn; £8.5bn) cash injection to keep its banking system running and prevent it from crashing out of the eurozone.

Investors had feared that its exit from the bloc may escalate the region’s debt crisis and derail a global recovery.

Shares in Japan, South Korea, Hong Kong and Australia rose on the news.

“The news was what markets were waiting for, some kind of an agreement,” said Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo.

Japan’s Nikkei 225 index rose 1.7%, South Korea’s Kospi gained 1.5%, Hong Kong’s Hang Seng added 0.6% and Australia’s ASX200 was up 0.5%.

BBC