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(ANDREAS MANOLIS/REUTERS)

breakingviews

A euro exit would devastate Cyprus

Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks. Click here to read more international insights.

Cyprus is no longer centre stage. Nicosia has agreed a €10-billion ($13.2-billion) bailout deal with its euro zone partners and the International Monetary Fund. A visible bank run has been averted by stringent capital controls. International markets, which only ever suffered a mild bout of jitters, have calmed down.