Euro zone crisis
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RT @FGoria: The biggest LOL ever -- Homepage of Russian Commercial Bank Cyprus http://pbs.twimg.com/media/BF5AMiRCQAA2Qzu.png
by Hugo Dixon via twitter 3/21/2013 3:26:29 PM -
Where was euroyatollah Jens #Weidmann when the #ECB agreed to hit insured depositors and play games with the currency? Why silent now?by Pierre Briançon via twitter 3/21/2013 3:32:05 PM -
If Weidmann and German govt agreed to compromise trust in the euro, does it mean that politics can sometimes trump principles? How shocking.by Pierre Briançon via twitter 3/21/2013 3:34:23 PM
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Euro zone ministers to discuss Cyprus later on Thursday
By Jan Strupczewski
Euro zone finance ministers will discuss an international bailout for Cyprus in a teleconference at 1800 GMT on Thursday and will issue statement afterwards, their chairman Jeroen Dijsselbloem said on Twitter.
Cyprus needs 17 billion euros in emergency financing to recapitalise its banks, service debt and fund government expenses, but the euro zone has agreed to lend it only 10 billion euros, saying the island would not be able to repay more.
Nicosia needs to raise the rest on its own and one of the controversial ideas backed by euro zone ministers is a one-off levy on bank deposits - something the Cypriot parliament rejected earlier this week.
The European Central Bank said on Thursday that it will stop providing emergency liquidity to Cypriot banks from the start of next week, setting a deadline for reaching an agreement on the bailout between the euro zone and Cyprus. -
Debt-Friendly Stimulus by Robert J. Shiller- Project Syndicate via @ProSyn #oped http://po.st/SgJSHT via @po_stby Pierre Briançon via twitter 3/21/2013 3:41:33 PM
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Bank of Cyprus urges government to agree deal to save economy
NICOSIA, March 21 (Reuters) - Bank of Cyprus appealed to the island's political leadership on Thursday to broker an immediate deal for funding with the EU to stave off financial ruin.
"It is imperative to move immediately towards brokering a deal with the Eurogroup which would ensure unobstructed liquidity to Cypriot banks to save the Cypriot economy," the island's largest lender said in a statement. -
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by Tesa Arcilla via twitter 3/21/2013 4:31:12 PM -
by Tesa Arcilla via Pbs.twimg 3/21/2013 4:31:16 PM -
Cyprus Popular Bank announces restrictions on ATM withdrawals of 260 Euros per customer dailyby Sky News Breaking via twitter 3/21/2013 5:42:30 PM -
Cyprus Popular Bank restricts ATM withdrawals
NICOSIA, March 21 (Reuters) - Stricken Cyprus Popular Bank imposed a 260 euro per day limit on ATM withdrawals on Thursday to cope with high demand, the island's second largest lender said in a statement.
Customers queued to withdraw funds on Thursday on widespread rumours that the bank was to be closed down, later denied by the central bank. -
How Russian Villagers Can Terrify the Kremlin http://globalvoicesonline.org/2013/03/21/how-russian-villagers-can-terrify-the-kremlin/ via @globalvoicesby Pierre Briançon via twitter 3/21/2013 5:46:45 PM
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The European Union gave Cyprus till Monday to raise the billions of euros it needs to secure an international bailout or face a collapse of its financial system that could push it out of the euro currency zone.
In stark twin warnings on Thursday, the European Central Bank said it would cut off liquidity to Cypriot banks and a senior EU official made clear to Reuters that the bloc was ready to see the bankrupt island banished from the euro in the belief it could then contain damage to the wider European economy.
The ECB ultimatum came as the island's leaders struggled to craft a "Plan B" to raise the 5.8-billion euro contribution demanded by the EU in return for a 10-billion euro ($13-billion) bailout from the EU and IMF; angry Cypriot lawmakers threw out a tax on deposits, calling the EU-backed proposal "bank robbery".
Read more from Reuters correspondents Michele Kambas and Paul Carrel in Nicosia and Frankfurt -
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Medvedev meets foreign journalists. He's not interesting, but this account is: http://on.ft.com/ZzG2v2 #Cyprus #Depardieuby Pierre Briançon via twitter 3/21/2013 5:57:42 PM
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So what's left then? Washington Post's Outlook section bans long list of clichés: http://shar.es/eDmNC via @sharethisby Pierre Briançon via twitter 3/21/2013 6:02:18 PM
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"Writing, at its best, is a lonely life" - Ernest Hemingway: http://www.brainpickings.org/index.php/2013/03/21/ernest-hemingway-1954-nobel-speech/ via @brainpickerby Pierre Briançon via twitter 3/21/2013 8:54:53 PM
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Elvira Nabiullina, Putin's New Central Banker: http://on.wsj.com/11bEhoc via @WSJ #Russiaby Pierre Briançon via twitter 3/21/2013 8:56:37 PM
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Redefining "chutzpah": "The Eurogroup reaffirms the importance of fully guaranteeing deposits below 100.000 euros".
http://www.eurozone.europa.eu/newsroom/news/2013/03/statement-cyprus-21-03-13/by Pierre Briançon via twitter 3/21/2013 9:01:12 PM -
Cyprus parliament to debate crisis measures on Friday
NICOSIA, March 21 (Reuters) - Lawmakers in Cyprus postponed until Friday a debate on emergency legislation tabled by the government to confront the island's financial crisis, saying they needed more time for consultations.
The government had submitted bills proposing the creation of a "Solidarity Fund" of state assets, the imposition of capital controls on banks and measures to address the island's stricken banks as it scrambles to clinch a bailout from the European Union. -
#ff foreign #cyprus watchers @fgoria @peter_tl @dsquareddigest @Simon_Nixonby Hugo Dixon via twitter 3/22/2013 10:47:43 AM
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How much is Cyprus's gas worth? You can crunch the numbers yourself with this Breakingviews calculator link.reuters.com -
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The bear is in the house. Russia now calling the shots in the EU. Germany - step aside.
— Max Keiser (@maxkeiser) March 22, 2013 -
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Euro rises, bunds cut gains on Cyprus-Greek deal on banks
Our Markets team in London report:
The euro rose to a session high versus the dollar and recovered from a two-week low against the yen on Friday after the Cyprus said there was an agreement with Greece to spin off Greek units of Cypriot banks.
The euro rose to $1.2945 and was up 0.3 percent on the day against the dollar. The euro also recovered from the two-week low against the yen of 121.44 yen to last trade at 122.38 yen, flat on the day.
German Bund futures cut gains to touch a session low of 144.54. They were last 14 ticks up on the day at 144.60.
Gilt futures halved early gains to stand 16 ticks up on the day at 117.82. -
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Reuters Breakingviews Editor-at-Large Hugo Dixon says Cyprus will pay dearly for its sins.
The Mediterranean island has committed many follies over the years – and is still making mistakes.
The Cypriots seem congenitally inclined to overestimate their negotiating position. In recent years, their first big folly was to reject in 2004 the United Nations plan for uniting their island. That irritated their European Union partners, meant that Cyprus still has a weak strategic position vis-à-vis Turkey and leaves a jagged scar across the island.
Read on
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FF more foreign #cyprus watchers @LukeReuters @annika_reuters @WhelanKarl @faisalislam @SonyKapoorby Hugo Dixon via twitter 3/22/2013 11:19:56 AM
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#LOL “@jmvittori: Marios Skandalis, board member of Transparency Intl (Cyprus) and VP of Institute of Certified Public Accountants”by Hugo Dixon via twitter 3/22/2013 11:39:07 AM
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2 #LOL chrysostomos (goldenmouth), Cypriot archbishop; Panicos, Greek central bank governor; Lakkotrypis (Holedigger) Cyprus energy ministerby Hugo Dixon via twitter 3/22/2013 11:41:13 AM
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Most Germans expect euro zone crisis to worsen - poll
Reuters' Gareth Jones sends us this from Berlin:
Nearly two thirds of Germans expect the euro zone crisis to worsen and almost half fear for their savings, according to an opinion poll released on Friday, amid rising concerns that Cyprus may be forced to quit the common currency.
The tiny Mediterranean island must strike a bailout deal with the euro zone before next Tuesday or face the collapse of its banking sector.
Germany has led euro zone calls for Cyprus to stomp up nearly six billion euros through a levy on depositors in Cypriot banks as part of the bailout deal, a plan Nicosia has rejected.
The ZDF Politbarometer poll showed 64 percent of Germans expect a deepening of the euro crisis and only 9 percent expect it to ease. Some 49 percent of those polled said they feared for their savings, up from 39 percent in a previous poll last June.
Chancellor Angela Merkel's centre-right coalition has taken a tough stance on Cyprus, which it sees as a safe haven for money laundering, ahead of Germany's federal election in September.
The Cyprus crisis has triggered concerns about a bank-run by citizens anxious to withdraw savings that could spread across the euro zone, prompting Merkel to repeat assurances about the safety of German deposits first made during the 2009 global financial crisis.
But despite such assurances the poll showed slightly more than a third of Germans did not believe their savings were secure while 63 percent did. A large majority of respondents did not expect a bank-run in other EU states because of Cyprus.
The survey, which canvassed the views of 1,296 people on March 19-21, also showed Merkel's party retaining a clear lead over other parties but suggested she may have to forge a "grand coalition" with the main opposition Social Democrats (SPD).
The poll gave the conservatives 40 percent, the centre-left SPD 29 percent, the Greens 14 percent and the Left Party 7 percent.
But Merkel's current coalition partner, the pro-business Free Democrats (FDP), were again on 4 percent, below the 5 percent threshold for entering parliament.
Such a result would probably force Merkel into renewing a coalition with the SPD like the one she led from 2005 to 2009.
The survey showed such a "grand coalition" would be the preferred option for a majority of Germans. -
#Cyprus will pay dearly for its sins - my latest column http://bit.ly/YvNiWlby Hugo Dixon via twitter 3/22/2013 12:43:43 PM
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To bail-in, or not to bail-in: that is the question (now for Cyprus) - http://www.bruegel.org/nc/blog/detail/article/1043-to-bail-in-or-not-to-bail-in-that-is-the-question-now-for-cyprus/#.UUxSAc6Jw1M.twitterby Pierre Briançon via twitter 3/22/2013 12:44:44 PM
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Should non-euro area countries join the single supervisory mechanism?: http://www.bruegel.org/publications/publication-detail/publication/773-should-non-euro-area-countries-join-the-single-supervisory-mechanism/#.UUxPeZUDYAl.twitterby Pierre Briançon via twitter 3/22/2013 12:48:07 PM
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ECB : We'll Do What It Takes. Kinda. Sorta. Later. @WhelanKarl in Forbes: http://onforb.es/T4IcPHby Pierre Briançon via twitter 3/22/2013 12:49:12 PM
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"The future of the euro zone has been put on the line for a few billion euros" (terrific lede) http://on.wsj.com/ZEwAXtby Ryan McCarthy via twitter 3/22/2013 1:04:37 PM -
Putin says Russia will follow up fast after Ukraine call with Biden
MOSCOW Russian President Vladimir Putin said on Wednesday that Russia would send ideas to Washington within a week to follow up his talks with U.S. President Joe Biden on the Ukraine crisis.
