News update 22/03/2013 - midday update
Καλό μεσημέρι.
Uncertainty will be at its peak right before a solution is reached! It’s peaking, as we speak…
A selection of news so far today
Cypriot pension fund nationalisation unacceptable-Merkel quoted
German Chancellor Angela Merkel told lawmakers on Friday the nationalisation of pension funds in Cyprus would not be an acceptable way of plugging a hole in its finances to qualify for an international bailout, parliamentary sources said
Just when you thought it was safe…
This newspaper would still prefer to recapitalise Cyprus’s banks directly through the ESM. That option is plainly not on the table. The best that can probably be done now is to spare the insured depositors, bail in other bank creditors and, given the economic damage caused in the past week, increase the amount of the bail-out.
Will Cyprus go the South American way?
Euro Area Said to Weigh Closing Two Cyprus Banks
Cyprus Popular Bank Pcl (CPB) and the Bank of Cyprus Plcwould be split to create a so-called bad bank, one of the officials said. Insured deposits -- below the European Union ceiling of 100,000 euros ($129,000) -- would go into a so-called good bank and not sustain any losses, while uninsured deposits would go into the bad bank and be frozen until assets could be sold, said the four officials.
Cyprus, Fight Club & Capital Controls - Some of it was true…20/03/2013
An idea how capital controls will work
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