Cyprus bailout conditions trigger fears of Euro debt crisis escalation and run on banks

Monday, March 18th 2013 - 07:26 UTC

Full article 5 comments

Asian markets have dipped after Cyprus bailout plans triggered fears of an escalation of the Euro zone debt crisis. The EU and IMF want all bank customers to pay a levy in return for a bailout worth 10bn Euros and although the plan is yet to be finalised, the news of the deal caused a rush to the cash machines in Cyprus as people tried to withdraw money. Read full article

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Ayayay
This was an invention of the Cypriot gov, AFAIK, not the IMF or Europe. They chose this instead of reforming their bloato public sector.
Mar 18th, 2013 - 07:51 am - Link - Report abuse 0
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Think
Smart move.....

Taking in consideration that 70~80% of all money deposited in Cypriot Banks has dubious Russian provenance...

Smart move, indeed....
Mar 18th, 2013 - 08:23 am - Link - Report abuse 0
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Orbit
@2 - for once I agree with you... don't worry, it will pass :)

I've always found the Russian mafia to be such generous and forgiving folk. Its more akin to a cub scout 'do a good deed a day' group: Helping an old lady “cross” the road with a steam roller, or collecting a penny for the still live Guy, or washing cars and their occupants in the Moskva.
Mar 18th, 2013 - 12:45 pm - Link - Report abuse 0
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ChrisR
Smart move as some claim here happens to be strictly illegal under EU Law and for good reasons.

Forget Cypress, look to the 'acceptable' countries in which YOU may have savings invested: would you like 6.9% skimmed off, or if you have 100,000 euros or more, 9.9% off? No, I didn't think so.

Sounds more like a dodge TMBOA would pull. Oh sorry: of course, she takes 100%.
Mar 18th, 2013 - 04:16 pm - Link - Report abuse 0
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briton
all coruption comes down in the end,

of course putin objects to it,
Europe wants it,
the criminals are very upset,
the investers will lose money that they wont miss,

And the poor may yet end up paying the costs,

and the Euro rolls on, corupt to the core.

still,
at least we have an honest pound..lol.
Mar 18th, 2013 - 05:38 pm - Link - Report abuse 0
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