Cyprus government: Bank restructuring by end July

The Cypriot government wants the restructuring of the bailed-out country's biggest bank to be completed by the end of this month, AP reported . Government spokesman Christos Stylianides said Tuesday that once the restructuring is completed, management of the bank will return to its directors and shareholders. The Bank of Cyprus had to absorb the country's now defunct second largest lender, Laiki, as part of a 23 billion euro ($30.3 billion) financial rescue deal that was agreed in March with Cyprus' euro area partners and the International Monetary Fund. Under the deal, savers in both banks were forced to take huge losses on deposits over 100,000 euros in order to cover for losses at Bank of Cyprus.