Euro zone crisis
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No sign of political unity as Italy awaits president's decision uk.reuters.com -
Spain to help investors who were sold risky bank debt uk.reuters.com
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#Cyprus says a bailout deal that satisfies the #EU may be possible "within hours". Hope the IMF agrees, and Germanyby Luke.Baker via twitter 3/22/2013 2:08:51 PM -
Axa nears private equity spin-off - @ChassNews in @FT: http://on.ft.com/YK0KFfby Pierre Briançon via twitter 3/22/2013 2:15:00 PM -
Our latest interactive calculator: Valuing Cyprus' Gas. Are reserves worth enough to plug a €5.8 bn gap? Click here for the full interactive.
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EU rescue may tilt Cyprus from Moscow in regional power shift
On a hot morning in July last year, Cypriot President Demetris Christofias sat with a group of journalists on the stage of the sleekly modern National Theatre in Nicosia and beamed as he talked about his warm ties with Russia.
The communist party leader, who met his wife and earned his doctorate in Moscow, told the Brussels-based reporters that Cyprus could easily overcome its financial troubles with help from both Russia and the European Union.
"The Russians, as good friends of Cyprus, want to take care of us," he said breezily, dismissing a question with a wave of his hand and smiling, his dark eyebrows rising with amusement towards his thick grey hair.
Read more from Reuters correspondent Luke Baker -
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Paul Murphy, watching Cypriot finance Minister Michael Sarris returning empty-handed from Moscow, says that “Medvedev and co could not have played a worse hand during this crisis — and it’s not immediately clear why”. His point is that the most likely outcome right now — he calls it “popping the red pill” — is that big depositors at Laiki Bank (read: rich Russians) are likely to lose some 40% of their money. Since that will make Russia very unhappy, why is Russia doing nothing to prevent it?
- Felix Salmon
I don’t pretend to understand Russian politics, but this move seems to me to be a classic high-risk, high-aggression play; think of Medvedev as a geopolitical hedge-fund manager or poker player, and it begins to make a bit more sense.
Firstly, it’s worth noting that Russia is actually moving backwards on the amount of help it’s likely to extend to Cyprus. When the bailout plan was first announced, it included Russia extending its existing €2.5 billion loan to the country by five years, as well as reducing that loan’s interest rate. Now, Russia is refusing to agree even to that. -
READER COMMENT: We can not see the forest because we are looking at only in one tree. Why not follow the law of the market and just let insolvent banks go bankrupt? This testifies to the fact that there are hidden political motives of ECB, EC and IMF. -
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#EU rescue may tilt #Cyprus from Moscow in regional power shift http://reut.rs/WJbfw7 via @reutersby Luke.Baker via twitter 3/22/2013 3:28:15 PM
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Is Slovenia the next shoe to drop? blogs.reuters.com
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New Brookings paper by Ricardo Reis explores the macroeconomic factors behind Portugal's economic slump www.brookings.edu
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Translation: Rescue me www.youtube.com -- Cyprus's biggest bank urges government to adopt euro zone plan www.reuters.com
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Phoenix or Dodo? European economics editor Mike Peacock explores Cyprus' 'Plan B' on MacroScope blogs.reuters.com
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My money's on a #Cyprus solution that involves a 12-14 percent levy on accounts over 100,000 euros and a solidarity fundby Luke.Baker via twitter 3/22/2013 6:07:25 PM
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RT @mariodragi Meanwhile at Bank of Cyprus twitter.com
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I'll be on BBC News Channel (domestic TV) at c740pm London timeby Hugo Dixon via twitter 3/22/2013 7:04:06 PM -
And in other austere news... Britain looks poised to lose its AAA rating from a second ratings agency after Fitch Ratings warned on Friday it was likely to downgrade the country in the coming weeks, citing high government debt levels and weak growth. www.reuters.com
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So reminiscent of Greece bailout talks: Cyprus was just hours away from a deal on Friday to raise billions of euros and unlock a bailout from the European Union that could avert financial meltdown and exit from the euro, its ruling party said. www.reuters.com
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Analysis - Cypriot gas no fix for country's funding gap
Cyprus' gas is worth less than $2 billion (1.31 billion pounds) based on reserves found so far and there may be too little to develop anyway, leaving plans to mortgage them against a $13 billion bailout unlikely to fly, Reuters research has found.
So far, an estimated 200 billion cubic metres (bcm) of natural gas worth $80 billion at current prices have been discovered in the Aphrodite gas field in Cypriot waters.
The Cypriot government says that it hopes to begin exports of liquefied natural gas (LNG) from 2018, although most analysts say production is unlikely to begin before 2020 and some doubt whether the fields will be developed at all.
Read more from Reuters correspondents Henning Gloystein and Kevin Allison -
Is ένα ιμπορω άλλο (I cant take any more) about to become ναι μπορώ (yes I can)? My #Cyprus column from Wednesday http://bit.ly/YqzkoLby Hugo Dixon via twitter 3/22/2013 7:11:19 PM
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Cypriot parliament to convene to debate crisis measures
March 22 (Reuters) - The Cypriot parliament is to convene to debate bills on Cyprus Popular Bank, the use of capital controls on banks and the creation of a "solidarity fund" pooling state assets, the ruling party said on Friday.
"I want to believe that things are developing positively," said Democratic Rally party deputy leader Averof Neophytou. "There are difficulties but we are on the right path." -
Via Capital City IFR: As Cyprus wears on, Portugal reminds investors it's doing its damnedest to make its own way in the capital markets. www.ifre.com
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2 Snag is a deal done today is far worst than a similar one done week ago. Terrible destruction for #cyprus in a week http://bit.ly/YvNiWlby Hugo Dixon via twitter 3/22/2013 7:15:37 PM
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Uncertainty reigns in Cyprus as the government struggles to come up with a plan to avert financial disaster. www.reuters.com
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1 Bank of Cyprus has €10.2bn uninsured deposits if same % as system overall @ManosGiakoumis @peterlazos @alexapostolides @nickmalkoutzisby Hugo Dixon via twitter 3/23/2013 1:09:40 PM
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2. 25% tax on Bank of Cyprus uninsured deposits would bring €2.5bn @ManosGiakoumis @peterlazos @alexapostolides @nickmalkoutzisby Hugo Dixon via twitter 3/23/2013 1:11:23 PM
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Cyprus faces hard choices, tough future - EU's Rehn
BRUSSELS, March 23 (Reuters) - Cyprus faces a very difficult near-term future and must take hard decisions, with no perfect solution available, European Economic and Monetary Affairs Commissioner Olli Rehn said on Saturday
Rehn said the European Commission was working hard to bring about a solution to help Cyprus and that it was essential that euro zone finance ministers reached an agreement on Sunday evening on a rescue deal.
"Unfortunately, the events of recent days have led to a situation where there are no longer any optimal solutions available. Today, there are only hard choices left," Rehn said in a statement. -
Cyprus agrees bank levy with EU/IMF lenders -Cypriot official
NICOSIA, March 23 (Reuters) - Cyprus has agreed with EU/IMF lenders a 20-percent levy on deposits over 100,000 euros ($130,000) at leading lender Bank of Cyprus and a 4-percent levy on deposits of the same amount at other lenders, a senior Cypriot official said on Saturday.
The official, who spoke on condition of anonymity, said a Cypriot plan to tap nationalised pension funds, opposed by Germany, would not be part of a plan to raise billions of euros in return for a bailout from the European Union. -
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Agreed “@pierrebri: #Cyprus capital controls - not a good idea at all - a @Bruegel paper: http://www.bruegel.org/nc/blog/detail/article/1054-capital-controls-in-cyprus-the-end-of-target2/#.UU6u-VY7xOx.twitter”by Hugo Dixon via twitter 3/24/2013 8:07:42 AM
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Read my tweets from last night about how to avoid disastrous idea of #cyprus capital controls @pierrebriby Hugo Dixon via twitter 3/24/2013 8:08:18 AM
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"Most ruthless, corrupt and violent business environments on earth - post Soviet Russia" Great piece on #Berevosky http://reut.rs/ZW4h5Pby Luke.Baker via twitter 3/24/2013 10:39:53 AM
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So Van Rompuy, Barroso, Anastasiades, Draghi and Lagarde will go into a room... Will they be able to carve out a deal ahead of #Eurogroup?by Luke.Baker via twitter 3/24/2013 12:14:17 PM
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Draghi, Lagarde, Rehn and Dijsselbloem now about to join Anastasiades meeting with Van Rompuy and Barroso, we're told. #Cyprusby Luke.Baker via twitter 3/24/2013 2:01:42 PM
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As crunch Brussels meetings on #Cyprus rescue get down to business, worth a recap on the state of play http://reut.rs/ZXhzz7 via @reutersby Luke.Baker via twitter 3/24/2013 2:05:29 PM
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Indications that start of Eurogroup may be delayed due to lack of progress on #Cyprusby Luke.Baker via twitter 3/24/2013 5:16:50 PM
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Yep, #eurogroup start delayed until 2000. No official.by Luke.Baker via twitter 3/24/2013 5:17:29 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.
