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Financial Tsunamis Imminent: EURO Is Tanking, The Wealthy Is Panicking! Banks In Europe May Now Seize Deposits To Cover Their Gambling Losses; Even With The New Deal, Cyprus Could Still Default And Leave The Euro!!! Cyprus May Need Second Bailout; Contagion Risks Are Alive And Well; Russian Nationals Stand To Lose Billions! SPAIN Impose Heavy Losses on Bank Investors


CYPRUS, TROIKA AGREE TO BAIL-IN, BANK OF CYPRUS TO SEE 40% HAIRCUTS FOR DEPOSITS OVER €100,000, DEPOSITS AT OTHER BANKS WILL BE WIPED OUT!

*Updated: In response, a bomb has just been detonated at the Limassol branch of the Bank of Cyprus

Multiple breaking reports indicate that in an early Monday meeting with Lagarde, Draghi, & Von Rompuy, Cyprus’ President Anastasiades has agreed to a Cypriot bank restructuring/ depositor haircut deal in exchange for €10 billion in emergency loans from the ECB.

The deal reportedly will avoid the necessity for any vote by the Greek Parliament, and is far, far, far worse for Cypriot citizens and depositors than the one the Cypriot legislature voted down on Thursday, as the ECB will reportedly be handing out 40% haircuts for depositors with over €100,000 on deposit in the Bank of Cyprus, and deposits over €100,000 at Cyprus Popular bank will be WIPED OUT!!!

http://www.silverdoctors.com/cyprus-troika-agree-to-bail-in-will-bypass-cyprus-parliament-40-haircuts-for-deposits-over-e100000/

Cyprus Relief: Why the Rally May Be Short Lived

An eleventh-hour deal in Cyprus helped Asian and European markets higher on Monday, but analysts warn that “risk-on” may be short lived, with downside risks remaining.

http://www.cnbc.com/id/100586806

Russian Nationals Stand To Lose Billions!

http://www.guardian.co.uk/world/2013/mar/25/cyprus-eu-draft-agreement-bailout

MOODY’S: Even With The New Deal, Cyprus Could Still Default And Leave The Euro

Cyprus finally reached a deal with the EU on how to bail out its troubled banking system tonight.

 

Nonetheless, the events of the past week have likely shattered confidence in Cypriot banks.

In a new piece, Moody’s analyst Sarah Carlson argues that the financial crisis in Cyprus “will have profound long-term negative consequences for the sovereign,” and that “even in the best-case scenario, where the Cypriot parliament passes and implements measures that the euro area governments of the European Union, European Central Bank and International Monetary Fund (collectively known as the Troika) find acceptable, the sovereign will remain at risk of default and exit from the euro area for a prolonged period.”

Read more: http://www.businessinsider.com/moodys-cyprus-could-still-default-and-leave-the-euro-2013-3#ixzz2OYOeYlyt

 

IT’S OFFICIAL: Banks In Europe May Now Seize Deposits To Cover Their Gambling Losses

The good old days.

 

As expected, Cyprus and the EU reached a new late-night bailout deal last night that will reduce the chance that Cyprus’s financial system and economy will completely implode.

The new deal is better than the last deal in one key respect:

  • Deposits under 100,000 euros will be protected

That’s very important. Those deposits were ostensibly “insured.” To seize them, the way the last bailout deal would have, would have been grossly unfair and would have set a truly alarming precedent.

Now, small depositors in European banks can breathe more easily. At least in this case of gross malpractice on the part of reckless bank managers, their life savings have been preserved.
Read more: http://www.businessinsider.com/implications-of-the-cyprus-bailout-2013-3#ixzz2OYOidR3t

CITI: Cyprus Set A Bad Precedent, And Is Long-Term Negative For The Euro

Last night, European leaders came to a deal for Cyprus that basically amounts to gigantic haircuts for uninsured depositors at Cyprus’ two biggest banks, and no tax or haircuts for anyone else. You can read the details here.

The plan doesn’t need to pass the Cypriot parliament, because it’s a restructuring that was enabled via a vote last Friday. There’s no new tax.

Even if the deal holds, and there’s not some immediate consequence, it’s still bad news for Europe and the Euro, argues Citi’s Steven Englander.
Read more: http://www.businessinsider.com/citi-cyprus-set-a-bad-precedent-and-is-long-term-negative-for-the-euro-2013-3#ixzz2OYPEj6qA

Cyprus Market‏@russian_market25 min
#BOOM CYPRUS MAY NEED SECOND BAILOUT; DEBT STILL LIKELY TOO HIGH: UBS

Faisal Islam‏@faisalislam1 min 
At side of Parade large banner and leaflets urging locals to “wake up Cyprus”

Faisal Islam‏@faisalislam2 min 
Heartbreaking. teacher says daughter on parade came top of class. wanted to study medicine in Germany, but cant now. lost savings & lost job

Cyprus Market‏@russian_market29 min
GERMAN PARLIAMENT NEEDS DETAIL TO VOTE CYPRUS PLAN: BARTHLE

Cyprus Market‏@russian_market30 min
IKEA ITALY CHIEF: NEED STABLE GOVERNMENT.

Cyprus Market‏@russian_market16 s
MEDVEDEV: PLUNDER CONTINUES IN RUSSIA

Cyprus Market‏@russian_market1 min
MEDVEDEV SAYS RUSSIA ASSESSING IMPLICATIONS OF CYPRUS DEAL – RIA

Cyprus Market‏@russian_market2 min
MOODY’S SAYS CYPRUS AT RISK OF DEFAULT EVEN IF CRISIS IS SOLVED

Cyprus Market‏@russian_market3 min
MOODY’S SAYS CYPRUS REMAINS AT RISK OF EXIT FROM THE EURO

zerohedge‏@zerohedge9 min
Cyprus May Need Second Bailout; Debt Still Likely Too High: UBS

As The Wealthy Panic We Will See Tsunamis In All Key Markets

Today 40-year veteran, Robert Fitzwilson, wrote the following piece exclusively for King World News.  Fitzwilson, who is founder of The Portola Group, warned investors, “If the wealthy panic as a group, we will see the equivalent of 50-foot financial tsunamis in virtually all markets.”

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/24_As_The_Wealthy_Panic_We_Will_See_Tsunamis_In_All_Key_Markets.html

Why The Cypriot Parliament Doesn’t Have To Vote On The Bailout Deal This Time

http://www.businessinsider.com/why-the-cypriot-parliament-doesnt-have-to-vote-on-the-deal-this-time-2013-3

Cyprus Market‏@russian_market1 min
Spain brings the pain to Bank investors -WSJ

Cyprus Market‏@russian_market1 min
It will take “weeks and months” before the effects of developments in the Cypriot banking system – Commerzbank’s Dixon

 

and euro don’t look very secure and stable…

http://finviz.com/futures_charts.ashx?t=6E&p=m5

UBS: Contagion Risks Are Alive And Well

Here are Donovan’s four bullets verbatim from UBS.com:

  • A deal has been done on Cyprus, though probably not a “final” final deal. The agreement leaves Cyprus with debt:GDP over 140% and a very weak economic outlook. Most economists argue this is not sustainable. The Cypriot parliament will not vote on the terms of the deal. The German Bundestag will.
  • Limiting cash withdrawals and credit growth in Cyprus limits economic growth (of course). Contagion risks are alive and well – whenever a crisis comes along bank depositors are bound to ask “is my money safe?” (and the honest answer will probably have to be “no”).
  • Bank deposits below EUR100,000 are intact, as long as you don’t try to spend the money (bank withdrawal limits are in place). This is similar to the early stages of the US monetary union collapse 1932-33. Sadly Chancellor Merkel seems to admire President Hoover more than President Roosevelt.
  • The data calendar is almost non existent today. We do have Fed Chairman Bernanke speaking alongside Bank of England Governor King after European markets close, on the topic of “lessons from the last financial crisis.” In the wake of Euro events, one could question whether it should be “financial crises”.

 

Read more: http://www.businessinsider.com/ubs-contagion-risks-are-alive-and-well-2013-3#ixzz2OYRwTF8n

 

I Moved my Money Out of the Stock Market-Laurence Kotlikoff…”“This morning, I moved my money out of the stock market . . . because I’m worried about Cyprus.”

In January, Economist Dr. Laurence Kotlikoff said he was “worried” that the economy was reaching“a real threatening point.” The Cyprus banking crisis hit the Globe last week. Now, when asked if he was still “worried,” he replied, “This morning, I moved my money out of the stock market . . . because I’m worried about Cyprus.”

Dr. Kotlikoff also says, “It’s going to happen in the form of a crash in the bond market. Interest rates are going to skyrocket, and we’re probably going to have high inflation because the government is printing money out the wazoo.” Join Greg Hunter as he goes One-on-One with Economics Professor Laurence Kotlikoff of Boston University.

http://usawatchdog.com/i-moved-my-money-out-of-the-stock-market-laurence-kotlikoff/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+UsaWatchdog+%28Greg+Hunter%E2%80%99s+USAWatchdog%29

 

Cyprus Market‏@russian_market4 min 
RUSSIA CONCERNED CYPRUS CRISIS PUTS EURO AT RISK – SHUVALOV

Cyprus Market‏@russian_market5 min
RUSSIA DOESN’T RULE OUT RENEGOTIATING LOAN TO CYPRUS – SHUVALOV

Cyprus Market‏@russian_market6 min
RUSSIA WAITING FOR FINAL CYPRUS DEAL BEFORE REACTING – SHUVALOV

steve liesman‏@steveliesman4 min
Russia PM Medvedev on Cyprus deal: “The stealing of what has already been stolen continues.” Now there’s a moral dilemma.

Cyprus Market‏@russian_market2 min
PUTIN ORDERS TO DISCUSS RESTRUCTURING CYPRUS LOAN

DJ FX Trader‏@djfxtrader4 min
*EU’s Barroso: I’m Confident Cyprus Program Will Work, But Can’t Exactly Say Impact

SOCGEN: ‘Depression For Cyprus’

Euro zone leaders have finally structured a deal to bail out Cyprus’ financial system.

 

But the terms come with harsh austerity and a massive deleveraging requirement.

“As part of the agreement, the Cypriot financial sector will be downsized to match that of the EU average by 2018,” writes Societe General economist Michala Marcussen.

So, Cyprus’ financial system may have been saved (for now).  But it doesn’t mean all will be well in the economy.

Read more: http://www.businessinsider.com/socgen-depression-for-cyprus-2013-3#ixzz2OYTMkPHK

 

Tyler Cowen: Cyprus Has Basically Just Left The Euro

Economist Tyler Cowen shares some thoughts on the Cyprus deal on his blog, and one line is dramatic but important:

 

The capital controls will have to be strict.  What will the price of a Cypriot euro be, relative to a German euro?  50%?  I call this Cyprus leaving the euro but keeping the word “euro” to save face.

Read more: http://www.businessinsider.com/tyler-cowen-cyprus-has-basically-just-left-the-euro-2013-3#ixzz2OYTmUv1M

 

Cyprus Market‏@russian_market35 s 
EU’s Barnier says Cypriot Deal is “better than bankruptcy”

Yiannis Mouzakis‏@YiannisMouzakis4 h 
Austerity policies, collapse of money velocity, absence of credit, zero confidence will devastate #Cyprus econ /employment. Excellent job

This Was An Epic Victory For Angela Merkel

http://www.businessinsider.com/this-was-an-epic-victory-for-angela-merkel-2013-3

Explosion in Cyprus on Monday

http://hisz.rsoe.hu/alertmap/site/?pageid=event_desc&edis_id=EX-20130325-38631-CYP

Münchau: The Cypriot Government Made 3 Huge Blunders This Week, And The Eurozone Is Getting Closer To A Breakup

http://www.businessinsider.com/munchau-the-cypriot-government-made-three-huge-blundeers-this-week-2013-3#ixzz2OYV215rQ

 

 

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