Must be expecting an ECB rate cut.
Here comes the rate cut?
Making a run ahead of the elections.
Molly Crabapple's remarkable art.
This weekend could be a big deal.
Loan extensions? Yes, please.
Banks go all-in today.
There hasn't been a big surge in investor confidence.
Crisis meeting scheduled for Saturday.
The possibility of a dangerous outcome is real and one we're continuing to monitor.
Next in line for a bailout after Cyprus?
60.9 per cent still unaccounted for.
Lots of ugly numbers coming out.
They bet on the same thing they always do – and won.
We're going to need a bigger acronym.
The clear case for ending the euro.
Hopefully April is better.
The "competitiveness" conundrum.
The guy is no idiot.
This might start a different kind of Great Rotation in Europe.
Europe being Europe.
Cyprus is a worrisome precedent.
"If I were dictator, I’d just extend the bank holiday long enough to prepare for the new currency."
Security firm G4S issues a warning.
What if European leaders aren't stupid?
Things are never as they appear.
Shades of Dijsselbloem.
A Cypriot euro isn't worth what a German euro is worth.
Welcome to the age of phantom money.
Big mistake today?
Still not addressing the real problem.
Here we go.
Doesn't change what happened last week.
Silent no more?
"I have never been so frightened in my life."
Anyone with more thatn $130,000 in their accounts.
Parliament won't convene again until after the Sunday Eurogroup meeting.
Cypriot president headed there after tomorrow's vote.
Things it doesn't want to do.
"There is no other way to describe it."
You might want to check out the ostrich pillow.
Negotiations at a sensitive point.
40 per cent haircuts.
It fell through the cracks.
Solidarity fund? Not so fast...
First victim falls.
Accounts for a staggering 26 per cent of GDP.
It's probably incentivized to do the opposite.
That takes care of 4 billion euros...
Nothing new at all.
Draghi's got your back, Cyprus.
Anastasiades hasn't even been in office for three weeks.
"Essentially, we are seeing the rise of ‘the Germany that can say no’."
Isn't he in Russia?
Could get ugly.
Reuters’ Eric Platt reports that the EU already wants to get rid of the most controversial part of the Cyprus bank bailout announced this weekend – the levy on uninsured depositors (those with account balances under 100,000 euros).
The EU bailout of Cyprus banks negotiated this weekend, which contains a controversial haircut on depositors, has just been pushed back again.
[credit provider=”YouTube” url=”http://www.youtube.com/watch?v=ffcueHZHI6Y”] Russian oligarch Dmitry Rybolovlev is the largest shareholder in the Bank of Cyprus, with a 9.9% stake in the company.He may have slept better this weekend when European officials announced that Cypriot banks would get a much-needed bailout, but on the condition that they accept a one-time […]
[credit provider=”Bloomberg” url=”http://www.bloomberg.com/video/citigroup-s-buiter-on-euro-zone-debt-crisis-OiLvjEYsQAKDH6BIMbJRWA.html”] Citi chief economist Willem Buiter has been one of the sceptics towards official policy over the course of the Eurozone crisis.Ever since ECB President Mario Draghi put markets to bed for an extended rest in July with his “whatever it takes to save the euro” speech, Buiter […]
[credit provider=”Arenamontanus / Flickr” url=”http://www.flickr.com/photos/arenamontanus/272229055/”] This morning, it was announced that a vote in the Cypriot parliament on the bailout deal hatched with the EU over the weekend will be postponed until Tuesday.The deal contains a haircut on depositors – meaning those with deposits in the bank have to pay […]
[credit provider=”AP”] Via Bloomberg, AP is reporting that Cypriot banks will now remain closed through Thursday.The bank bailout deal was completed over the weekend to take advantage of a bank holiday in the EU today, owing to the St. Patrick’s Day holiday.
Ever since European officials started talking about another Cypriot bank bailout, the elephant in the room has been the billions of dollars of Russian “black money” in the country’s bank accounts.
And now we answer the basic question that lots of people have wondered since they’ve tarted reading about the crisis in Cyprus: Where is it?
[credit provider=”Carsten Koall/Getty Images”] A reminder for everyone shocked by the terms of Cyprus’ bailout this weekend — back in November German paper Der Speigel leaked a German intelligence report that said a bailout of Cyprus’ banks would be a bailout for Russian oligarchs and mafiosi that take advantage of the island’s […]
According to a report from Cyprus Broadcasting Corporation, the Cyprus vote on a bank bailout package that includes controversial haircuts for depositors is already being pushed back to Tuesday.
[credit provider=”Reuters”] Morgan Stanley analysts say the unprecedented depositor haircut agreed to as part of this weekend’s bailout deal of the Cypriot banking system will be good for the sovereign, echoing similar comments by Goldman.Daniele Antonucci, a Europe economist for Morgan Stanley, says that “assuming a successful implementation of the […]
[credit provider=”Tim Moffatt/Flickr” url=”http://www.flickr.com/photos/[email protected]
/5268897445/sizes/m/”] The Cyprus bailout deal has a lot of people scratching their heads over what EU leaders were thinking when they came up with it.As part of a plan to rescue Cypriot banks, deposit-holders in those banks will be subjected to an immediate expropriation of a certain […]
Under the palm trees of Larnaca’s waterfront promenade, George Kyprou was staring out to sea and scratching his head. “I don’t know what to do,” he said. Like most Cypriots, he was astonished to wake up one bank holiday weekend morning to discover the government had seized up to 10% […]
Cyprus the Nation and the Cypriot Banking System were insolvent. It was a mess. The system (they are intertwined) relied on ELA (Emerging Lending Agreements?) from the ECB. That is how they were being financed.
[clear] Goldman Sachs is out with a reaction to the Cyprus bailout deal negotiated over the weekend, the most controversial part of which entails a haircut on bank deposits, something that hasn’t yet been seen until now in the euro crisis saga.
[credit provider=”Peter Kurdulija / Flickr” url=”http://www.flickr.com/photos/[email protected]
/8168563540/”] Markets are starting to open in the western hemisphere, and currencies are going wild to start the week on news of the Cyprus bailout deal, which includes a controversial deposit haircut.
[credit provider=”My Take on Financial Events” url=”http://brucekrasting.blogspot.com/2011/08/brush-fire-bailout-straw-that-breaks-eu.html”] IT IS not a fudge, but it is still a failure. The euro zone’s bail-out of Cyprus, which was sealed in the early hours of Saturday, did get the bill for creditor countries down from €17 billion to €10 billion, as had been […]
[credit provider=”Koichi Kamoshida/Getty Images”] One of the biggest problems presented by the euro crisis has been the financial connection between the banks and their governments.For the most part, the biggest holders of any country’s sovereign debt are that country’s own banking system. So, when the government comes under pressure in […]
[credit provider=”Yahoo Finance” url=”http://finance.yahoo.com/blogs/daily-ticker/pimco-el-erian-equity-prices-artificially-high-time-193327198.html?desktop_view_default=true”] Mohamed El-Erian – CEO of PIMCO, the biggest bond fund in the world – is out with a reaction in the FT to this weekend’s stunning Cyprus bailout deal.(The terms of the deal include an instant, 10-per cent “tax” on deposits held in Cypriot banks before […]
[credit provider=”Stephen Z on Flickr” url=”http://www.flickr.com/photos/szuppo/200037611/in/photostream/”] On Thursday, Société Générale analysts made a prescient call on Europe.”It is far too early to dismiss euro area crisis as a key [market] driver,” wrote SocGen’s Vincent Chaigneau. “We fear another shockwave in the spring.”
[credit provider=”Ralph Orlowski / Getty”] Why is it that 17 nations have to fundamentally reorganize themselves and shift sovereignty away from national parliaments to new layers of transnational, beyond-control bureaucracies that can extract untold wealth from taxpayers—just to save the banks?That’s what the Eurozone has to do, or else banks […]
[credit provider=”Société Générale”] Société Générale strategists are warning clients of another “Eurozone shockwave” coming this spring.In fact, they say it’s going to be one of the three major themes driving global currency markets for the rest of 2013.
[credit provider=”James Shepard/Flickr” url=”http://www.flickr.com/photos/biblevector/5264271568/”] Deutsche Bank’s global head of FX strategy, Bilal Hafeez, recently gave a speech at the annual Deutsche Bank Mittelstand (small and medium-sized enterprises) FX conference in Hamburg, Germany.The bank’s research department transcribed Hafeez’s speech and sent it out to clients in a note.
Ever since Italian elections yielded inconclusive results a few weeks ago, everyone has been wondering what happens next and how markets will digest the process.
The euro area’s economic fortunes continue to diverge from those of the United States.
Société Générale’s bearish strategist Albert Edwards devotes a fair amount of space to Italy in his latest strategy note out this morning.
More grim news.
[credit provider=”Bill Emmott/Girlfriend In A Coma” url=”http://girlfriendinacoma.eu”] A day before election day two weeks ago, Italian authorities halted a screening of a documentary by the former editor of The Economist about the country’s society-wide crisis.The film, “Girlfriend In A Coma” — a play on the Smiths’ song speaking to Emmott’s […]
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