Euro zone crisis Live
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Cypriot businesses rue cost of rescue http://tinyurl.com/cryaj3fby Pedro da Costa via twitter 3/28/2013 7:10:50 PM -
Helicopter Mario: ECB flew five billion euros to Cyprus late Wednesday - paper http://tinyurl.com/dxp8k8dby Pedro da Costa via twitter 3/28/2013 5:02:28 PM
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And so it begins: Slovenia central bank governor says country does not need a bailout -- STA Press Agencyby Pedro da Costa via twitter 3/28/2013 4:22:31 PM
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Tune already changing: Cyprus foreign minister says expects capital controls to be fully lifted "in about a month."by Pedro da Costa via twitter 3/28/2013 4:19:33 PM
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After Cyprus, bond markets see Slovenia closer to bailout http://reut.rs/10cEBSDby Pedro da Costa via twitter 3/28/2013 3:56:04 PM
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ECB flew 5 bln euros to Cyprus late Weds - paper
Andreas Framke and Paul Carrel in Frankfurt report:
The European Central Bank flew 5.0 billion euros ($6.39 billion) to Cyprus late on Wednesday in time for the reopening of banks on the island on Thursday, German business daily Handelsblatt said, citing sources familiar with the operation.
An ECB spokesman confirmed notes were flown from Frankfurt to Cyprus late on Wednesday but would not confirm the sum.
"The bank notes came from the ECB's logistical reserves, which were stored by the Bundesbank on behalf of the ECB," another ECB spokesman said. -
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#Cyprus shambolic capital controls could spawn bribery, spread contagion + lead to #Cyprexit My latest column http://bit.ly/15YixNmby Hugo Dixon via twitter 3/28/2013 2:53:22 PM -
The German insistence that depositors in Cyprus must face a haircut marks a new and dangerous stage in the interminable death throes of the euro zone. Up to this point, the one unshakeable principle underlying all the bailouts on both sides of the Atlantic since 2008 had seemed to be that the value of bank deposits was sacrosanct, whether they were explicitly insured or not. Now, the cat is well and truly out of the bag. It will be clear from now on, even to the most naïve investor, that there are no longer any totally safe assets.
Laurence Copeland, professor of finance at Cardiff University Business School, says the cat is well and truly out of the bag after the Cyprus bailout deal. Read his full piece here. -
Europe’s 'democratic deficit' evident in Cyprus bailout arrangement http://reut.rs/14qECYD http://pbs.twimg.com/media/BGczkT8CYAEO_Kk.jpg
by Pedro da Costa via twitter 3/28/2013 2:16:24 PM -
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Elderly woman waits outside a bank branch shortly before it opens in Nicosia, Cyprus. (Photo by Yannis Behrakis) http://pbs.twimg.com/media/BGcoFA5CcAELyIp.jpg
by Pedro da Costa via twitter 3/28/2013 1:26:12 PM -
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EU says will monitor need to revise or extend Cyprus capital controls http://tinyurl.com/cmx2tk2by Pedro da Costa via twitter 3/28/2013 12:46:24 PM
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Silent determination is more dangerous than undisciplined hysteria. €300/day plus any amount not withdrawn previously under that amount, up to €5000 free for money transfers, €5000/m for card payments; all this is a huge amount for 99% of Cypriots. The bleeding starts at deposits over €100th and those are heavily restricted. This will be a slow death. Free cash flowing through the banking system will decrease dramatically and this will deleverage the banks substantially. The other side to this is less credit being granted to the economy=deflation. -
Bank deposits fall two percent in Cyprus in February - ECB
Eva Kuehnen and Paul Carrel in Frankfurt report:
Consumers and companies withdrew deposits from Cypriot banks in February, European Central Bank data showed on Thursday, as the country's financial system slipped deeper into trouble.
Cyprus on Monday managed to avert a default by sealing a last-minute deal with international lenders, agreeing to close its second-largest bank and inflict heavy losses on uninsured depositors in return for a 10-billion-euro bailout.
In February, as Germany and some other countries began to push for bank depositors to bear part of the bailout, private-sector, deposits in Cypriot banks fell by 2.2 percent to 46.4 billion euros (39.1 billion pounds), having fallen at a similar pace in January.
Greece on the other hand, recorded a 2-percent increase in private sector deposits to 171.0 billion euros, while deposits in Italian banks also rose, up 1.3 percent at 1.5 trillion euros.
Monthly fluctuations in the figures are common, though sharp consecutive drops in countries with stable banking systems are unusual.
The data, which are for all currencies combined, are not seasonally adjusted and differ slightly from national central bank figures. They exclude deposits from central government and banks. -
Bridge to nowhere: Austerity threatens EU's competitive edge in infrastructure http://reut.rs/ZAibf6by Pedro da Costa via twitter 3/28/2013 12:25:06 PM
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Patient Cypriots wait calmly in line as banks reopen http://tinyurl.com/chn364mby Pedro da Costa via twitter 3/28/2013 12:17:13 PM
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Charm offensive? Cyprus is a very special case, found right solution, German finance minister says http://tinyurl.com/cuvo3wjby Pedro da Costa via twitter 3/28/2013 12:08:10 PM
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Cyprus paying too high a price for Europe's help, foreign minister says http://tinyurl.com/d8n9zooby Pedro da Costa via twitter 3/28/2013 12:07:34 PM
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