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  • westervillekid westervillekid Mar 16, 2013 1:34 PM Flag

    Cyprus-Expect run on banks come Monday-US bonds to be sold-Greek holding of bonds are now down 80%-Russia may help-Call to slow gov spending

     

    Cypriot banks have a large exposure to neighbouring Greece and had to write off around 80 percent of the value of their Greek bond holdings.

    To help to meet its financing costs, Cyprus has already taken a 2.5-billion-euro loan from Russia which has built close ties to the island of 1 million people.

    Dijsselbloem said on Tuesday that Moscow may be involved in the final bailout deal given the loan it had provided.

    "We know that there are many account holders with a foreign background, (in Cyprus) and part of those are undoubtedly Russian. That plays a role (in a solution)," he said.

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    • (Reuters) - The euro zone agreed on Saturday to hand Cyprus a bailout worth 10 billion euros ($13 billion), but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risk of a wider run on savings.

      The eastern Mediterranean island becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help during the region's debt crisis.

      In a radical departure from previous aid packages - and one that gave rise to incredulity and anger across the country - euro zone finance ministers forced Cyprus' savers to pay up to 10 percent of their deposits to raise almost 6 billion euros.

      Parliament was due to meet on Sunday to vote on the measure, and approval was far from assured.

      The decision prompted a run on cashpoints, most of which were depleted by mid afternoon, and co-operative credit societies closed to prevent angry savers withdrawing deposits.

      Almost half Cyprus's bank depositors are believed to be non-resident Russians, but most queuing on Saturday at automatic teller machines appeared to be Cypriots.

      Sentiment: Strong Buy

 
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