The deal was reached during a meeting of European finance ministers, also attending was the IMF's Chief, Christine Lagarde. She was quoted as saying " “I welcome the agreement reached today to address Cyprus’ economic challenges. The IMF has always said that we would support a solution that is sustainable, that is fully financed, and that appropriately allocates the burden sharing.”
Details are that fiat bank held savings of under €100,000 will have 6.75% stolen. This rate of theft will rise to 9.9% for those deposits over €100,000.
This theft will come into force on Tuesday local time after a "bank holiday" (the most evil combination of two words in the English language) on Monday. The Greek Cypriot government has ordered banks to kill Internet / phone banking and shut ATMs over the weekend and Monday to stop savers from transferring or withdrawing their currency to prevent said savers from defending themselves.