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Cypriot Authorities in
Revised Deal Talks

Financial Times, by Peter Spiegel*

Original Article

Posted By:horacer, 3/17/2013 10:09:09 PM

Cyprus´ embattled president was on Sunday in talks with Brussels and political rivals to ease the terms of a planned levy on smaller deposit holders as he tried to scrape together a parliamentary majority for a €10 billion bailout for the debt-laden island. President Nicos Anastasiades is still intending to raise €5.8 billion from Cypriot bank accounts to help fund the bailout, an unprecedented move by the eurozone that could yet spark wider concern about the safety of bank deposits in the bloc. Cypriot authorities were weighing an additional bank holiday on Tuesday pending emergency parliamentary ratification of the deal which would

Comments:
* and Kerin Hope

Next to last paragraph is key. This is just the start.

      


Post Reply  

Reply 1 - Posted by: Safari Man, 3/17/2013 10:37:17 PM     (No. 9230226)

I was talking with my brother in law, an investment banker and specialist in public finance, about this situation and he said the tricky thing about anything like this these days is you cannot know what to do since free-market economics no longer apply.

I think there´s an eerie calm about this story here in the states over this weekend that makes me think its going to really explode. I just wish I knew what to do to protect myself.

I have a feeling the USD is going to get very strong in the coming days since people will be bailing on the Euro and where else can they go? We should see oil prices coming down and stock prices dropping. The overnight futures market already shows this trend. I have actually been preparing for this for months now, I just hope I prep´d the right way.

Ancient Chinese Curse: May you live in interesting times. The next week or two should be very... interesting.


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Reply 2 - Posted by: Words have Meaning, 3/17/2013 10:42:42 PM     (No. 9230231)

Cyprus is already going to the Nazi Party. All we have to do is look at history to find out what happened to Germany after WWI.

If this deposit rule is applied it will probably push them over the edge.

Cyprus is tiny but many other countries are just as close to the brink as Cyprus.

I hate to say this but, America is right around the corner to this happening here. Unfortunately, it will probably not happen till Obama is out of office. Then they can blame the Republicans.

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Reply 3 - Posted by: ida Lou Pino, 3/17/2013 11:14:33 PM     (No. 9230256)

I was on Cyprus for two weeks last year - - on both the Greek and Turkish sides of the DMZ (yes, there´s an actual no-man´s-land DMZ).

It´s a beautiful island with marvelous historical sites- - and both the Greeks and Turks couldn´t possibly have been more friendly, welcoming, and gracious. I feel badly for the sad situation that the Greek Cypriots are facing.

I wish them well - - and hope to return there some day.

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Reply 4 - Posted by: Rolfnader, 3/18/2013 8:20:04 AM     (No. 9230565)

Yes, extending the bank holiday another day is great idea. It gives those who´ve had their money stolen another day to come to terms with the idea. You know, thoughts wander to ´it could have been worse´, etc.

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