Schauble, German finance minister, has said tonight that two big Cypriot banks are essentially insolvent without aid.
Cyprus parliament rejects bank levy -> ft.com/intl/cms/s/0/eeff4c98 … abdc0.html
Interview with Herr Schäuble from this morning:
Schäuble: Freibetrag “wird allein in Zypern entschieden” Bundesfinanzminister -> dradio.de/dlf/sendungen/inte … f/2045828/
Does Mr Nadir still live in Cyprus? He’ll feel at home there soon enough
Former Polly Peck tycoon jailed over fraud -> rte.ie/news/2012/0823/334664 … ver-fraud/
German Economist: ‘Europe’s Citizens Now Have to Fear for Their Money’ - -> spiegel.de/international/eur … 89594.html
Very few economists or politicians think like Mr Bofinger in Germany. Its far more like that the Germans are furious and will up the stakes given the lack of market reaction. At least another week before there is any clear direction on where this is going. One thing is sure the financial industry the Cypriot government/kleptocrats was trying to save is dead. One aim of the Northern European countries has been achieved.
On another point how come the newspaper industry in this country has not exposed any Irish politician/public figures with large deposits in Cyprus yet?
Caught J Paxman in mid interview on BBC Newsnight, with I’m guessing a cypriot politician/minister.
- hope to come up with a new deal in the next few days.
- they’re considering other options (including raiding pensions!).
- at the end
“if we don’t get a solution, we’ll start printing pounds”
JP - “English pounds!!!”
“no, cyprus pounds”
The financial equivalent of a controlled demolition. Now is it Pentagon style of Building 7 style… hmmm I simply can’t decide.
Everything You Need to Know About the Cyprus Bank Disaster - -> theatlantic.com/business/arc … er/274096/
Check out the senior debt line item on that image!
And people think they should burn the whatholders?
she went lower…looks like those currency boys are still gambling lower from what I am seeing…
time will tell…
It doesn’t make sense. Are they stage managing the collapse of these two Cypriot banks?
No, just letting it happen as a consequence of following narrow electoral self-interest.
Protecting Their Own, Russians Offer an Alternative to the Cypriot Bank Tax - -> nytimes.com/2013/03/20/busin … d=all&_r=0
Some of these gas deposits are in areas where more than one country claims sovierenty. Countries like Israel and Turkey I believe.
If you were going to get a stake in the potiental Cypriot fields, and there was going to be a dispute, wouldn’t it be handy to have some muscle permanantly deployed to the area? Like, idunno, some warships maybe…
There aren’t really any insurmountable issues between Israel and Cyprus about the boundaries of their claims. Turkey is a different matter but even there the gas fields the Cypriots are trying to bring on stream are in the non-contentious areas to the south of the island. Those to the north of the island would be impossible to access under the current set up.
Could Cyprus do the ultimate and threaten to pull out of the Euro? I know about the debts etc but still…
This would be putting a gun to Euro leaders as it would set a precedent for other countries should it come to pass.
Chap on the radio this morning (Cyprus government MP) threatening just that. Saying they’d have no choice if something doesn’t turn up.
They would be putting a gun to their own heads and threatening the Eurozone with the ricochet. To extend your metaphor.
What would the Cypriots gain by pulling out of the Euro?