Dear all,
Noon developments in summary - 18/03/2013 12pm:
Wall Street Journal reporting that there is a new agreement being discussed.
The new proposal will see smaller depositors, those with up to €100,000, taxed at 3%; savers with €100,000 to €500,000 taxed at 10%; and those with over €500,000 taxed at 15%, one official said.
Euro-zone finance ministers are likely to hold a teleconference (my comment: extra-ordinary Eurogroup meeting) to examine the new Cypriot proposal, the second official said.
Reuters reporting:
The euro fell 1.1 percent to $1.2925 and the yen gained 0.5 percent to 94.80 per dollar as of 8:01 a.m. in London. The Stoxx Europe 600 Index tumbled 1 percent, while the MSCI Asia Pacific Index lost 1.9 percent. Futures on Standard & Poor’s 500 Index slid 1.1 percent. Oil declined 1.2 percent and copper lost 2 percent. U.S. Treasury 10-year yields headed for the biggest drop in three weeks. Gold advanced as much as 1.1 percent.
My comment on the new measures being discussed:
Regardless of the measures being discussed, it is important for the parliament to agree and avoid a financial default and return to the CYP.
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