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Time Running out...Cyprus risks euro exit after EU bailout ultimatum
03-22-2013, 04:06 PM
Post: #1
Exclamation Time Running out...Cyprus risks euro exit after EU bailout ultimatum
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[Image: ?m=02&d=20130321&t=2&...E92K1KV800]


The European Union gave Cyprus till Monday to raise the billions of euros it needs to secure an international bailout or face a collapse of its financial system that could push it out of the euro currency zone.

In a sign it was at least preparing for the worst, the Cypriot government sought powers on Thursday to impose capital controls to stem a flood of funds leaving the island if there is no deal before banks reopen following this week's shutdown.


Parliament will reconvene later on Friday to debate a raft of government crisis measures after lawmakers adjourned a late-Thursday sitting saying they needed more time for consultation.

Even those measures looked likely to fall short of a promised "Plan B" to raise the 5.8 billion euros demanded by the EU in return for a 10 billion euro lifeline from the EU and IMF.

The European Central Bank said it would cut off liquidity to Cypriot banks without a deal, and a senior EU official told Reuters the bloc was ready to see the island banished from the euro to contain damage to the wider European economy.

Angry Cypriot lawmakers on Tuesday threw out a tax on deposits, calling the EU-backed proposal "bank robbery".

After more talks on Thursday, the currency union's finance ministers urged Cyprus to table a new proposal.

Trying to placate its lenders, the government proposed to parliament a "solidarity fund" that would bundle state assets, including future gas revenues, as the basis for an emergency bond issue, likened by JP Morgan to "a national fire sale".

It also sought the power to impose capital controls on banks, a type of measure unseen since before the country joined the single currency bloc five years ago....


Continue At : http://www.reuters.com/article/2013/03/2...3I20130321

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03-22-2013, 04:12 PM
Post: #2
RE: Time Running out...Cyprus risks euro exit after EU bailout ultimatum
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Cyprus' politicians need to give Iceland a call. Icelanders can educate em on how to show these central banks the door and not pay another dime!

The first requisite of a good citizen in this republic of ours is that he shall be able and willing to pull his weight. There is not a man of us who does not at times need a helping hand to be stretched out to him, and then shame upon him who will not stretch out the helping hand to his brother - Teddy Roosevelt
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03-22-2013, 04:23 PM
Post: #3
RE: Time Running out...Cyprus risks euro exit after EU bailout ultimatum
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Yep...

Let them collapse, Cyprus citizens didn't buy Greek Bonds, the bankers did! F*ck em!
Euro is a house of Cards and Germany is most likely going to get stuck with the bill.


"Cyprus could copy Iceland, let its banks collapse, and leave their shareholders and bondholders to sustain the loss"

http://blogs.telegraph.co.uk/news/daniel...or-greece/

JPMsecretagent, proud member of Realist News since Jun 2011.
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