"I haven't heard a formal announcement about the haircut, but this is the figure I heard," Irish radio quotes Nicholas Papadopoulos as saying.
At dawn on Monday, Cyprus and the troika of international backers (EU, ECB, IMF) reached agreement on a €10bn bailout plan, aimed at preventing the bankruptcy of the island’s financial system and the country’s exit from the Eurozone.
Under the plan the depositors in Bank of Cyprus will be compensated with equity in the bank, while Laiki Bank, which is the island’s second largest financial institution, will be closed down.
Those with deposits under 100,000 euros in both banks will continue to enjoy the protection of the state's guarantees, after an earlier proposal to impose a 6.75% tax on them provoked anger.
"The result is a fair one for everybody involved,” German Finance Minister Wolfgang Schaeuble told a news conference after the 11th-hour talks ended with a deal.
"I think it's a good one" and it will "serve as a basis for negotiations with the troika" of international creditors, he stressed.
It will help "stabilize the situation in Cyprus and help Cyprus back onto a path of sustainable consolidation. I think the solution can help win back lost confidence for and in Cyprus," he said.
"It is the best path possible even if it isn't an easy one."
Russia doesn’t appear so optimistic. "I think they continue stealing what's already been stolen. We need to understand what this story will finally lead to," Russian Prime Minister Dmitry Medvedev commented on the move during a meeting with his aides on Monday.
Despite the deal Cyprus will remain at risk of default and a Eurozone exit for a "prolonged period," believes Moody's senior credit officer Sarah Carlson.
"The system's profile as an offshore financial center is unlikely to survive this crisis," Carlson added. "The potentially irreparable damage to the country's current drivers of economic growth leaves its ability to sustain its current debt highly in doubt."
Banks are due to reopen on Tuesday, however, withdrawal limits will be imposed to avoid a run of capital.
