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EURO ZONE ORDERS CYPRUS TO SEIZE 10% OF BANK ACCOUNTS...

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Author Topic: EURO ZONE ORDERS CYPRUS TO SEIZE 10% OF BANK ACCOUNTS...  (Read 5728 times)
Psalm 51:17
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« on: March 17, 2013, 03:30:12 pm »

Hmmm...Cyprus, a little know country, but be a real sleeper in all of this...

http://finance.yahoo.com/news/analyst-cyprus-deal-could-trigger-144118333.html
ANALYST: The Cyprus Deal Could Be The 'Trigger' We Were Waiting For In Europe
3/17/13

Excerpt:

Now, the banks have a problem on their hands.  "The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed," reports Greek newspaper Kathimerini .

Many market observers are expressing concerns that the decision could have a ripple effect throughout Europe come Monday when markets open. After all, if European leaders have decided to violate the unspoken rule of bank bailouts – that deposits are sacrosanct – what's to say it can't happen in a bigger eurozone country, like Spain?

In a Sunday morning note to clients, Morgan Stanley economist Joachim Fels wrote, "I view this as  a worrying  precedent with potentially systemic consequences  if depositors in other periphery countries  fear a similar treatment in the future."

"This will probably go down as an ill-thought-out rescue plan with consequences for peripheral Europe," says Galy. "It breaks a cardinal rule — namely, public trust on which money relies
."


The decision, therefore, has everyone scratching their heads. Why would European leaders play with that public trust in bank deposits?
 
The SocGen report last week predicting a new eurozone "shockwave" this spring summed it up concisely: " Germany, now six months into a general election, will not be keen to share further risks and tolerate policy slippage."
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