A good point from Pawelmorski here:
Worse yet, this looks more and more like a “ringfenced” Cypriot problem, as markets continue to refuse to sell off (-1.25% on EuroStoxx? a 0.1% rise in BTP (Italian govt) yields? really?)
If Cyprus thought it had any leverage in its negotiations, that’s going out the window daily, as financial markets everywhere else have been basically unafected.
Greece has been hit a bit. Italy a hair.
But even amid the Cyprus rejection, and the lack of new avenues, markets are totally ho-hum about this.
Here’s Italy, up another 0.5% today.
Were markets tanking all weekend, we might see a little more blinking from Europe on this matter.
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