Europe Is Getting Smoked This Morning: Cyprus Central Bank Fires Bank of Cyprus Chief Kipri!!! Italian Industrial Orders Come In Horrible;Confidence Sinks; Uninsured Laiki Depositors Could Face 80% Haircut; SPAIN -1,70%; Euro Under 1.28 For First Time Since November
Cyprus central bank fires Bank of Cyprus chief Kipri – official – Reuters (via CNBC)
ALARM: SPAIN, GREECE EXEMPLIFY RISK OF RELIANCE ON BANKS’ LIQUIDITY. – CHART
Italian Industrial Orders Come In Horrible
Not much to say except with this kind of spiraling down, crises both financial and political will continue.
Chris Marshall‏@cmarshallCW2 min
Major UK banks and building societies have a shortfall in capital of around £25 billion, says BoE Financial Policy Commitee
NYT: Dallara, bank negotiator 2011 Greek PSI “very clear that effect of Greek deal on Cypriot banks would be severe”
Cyprus Finance Minister: Uninsured Laiki Depositors Could Face 80% Haircut
Europe Is Getting Smoked This Morning — Here’s All The Ugly Stuff That’s Happening
Europe is getting smoked this morning.
- Spain is down 1.7%
- Italy is down 1.4%
- Germany is down 1.2%
- Greece is down 4%
- The euro is at a 4-month low.
- Sovereign spreads are wider.
ALBERT EDWARDS: The Troika Has ‘Exponentially’ Increased Fears About Bank Deposits All Over Europe
SocGen’s ultra-bearish analyst Albert Edwards has his take on Europe post-Cyprus.
His prediction: Yes Europe is going to break up and yes, Cyprus is a worrisome template.
The Troika have managed to exponentially increase concerns on how safe retail deposits are in the eurozone. It matters not that the final Cypriot bailout plan did not touch smaller savers unlike the original proposal of a 6¾% tax (haircut) for ALL deposits under ?100,000 in ALL banks (including foreign bank subsidiaries).
Read more: http://www.businessinsider.com/albert-edwards-the-troika-has-exponentially-increased-fears-about-bank-deposits-all-over-europe-2013-3#ixzz2OkAk5c6b
Euro zone economic confidence fell to 90.0 in March from last month’s 91.1 index reading, marking the first decline in sentiment since October. Economists had predicted a smaller tick down on the index to 90.5. The survey was largely completed before the crisis in Cyprus unfolded, which will likely weigh further on confidence going forward.
Cyprus Contagion Spreads As European “Omnishambles” Return; Euro Under 1.28 For First Time Since November