TITLE

Cyprus bailout? It's insane

AUTHOR(S)
CORMAC LUCEY
PUB. DATE
March 2013
SOURCE
Daily Mail;3/23/2013, p25
SOURCE TYPE
Newspaper
DOC. TYPE
Article
ABSTRACT
THE EU decision, at a meeting chaired by Michael Noonan, to appropriate Cyprus bank deposits to fund that country's bailout is insane. In order to save €7billion in bailout costs, the EU has unsettled depositors across peripheral Europe from Cyprus to Spain. The cost of the resulting bank destabilisation will probably be many multiples of the €7billion 'saved'. The other problem with this decision is that it probably dooms the rescue of Cypriot banks. Once bitten, Russian depositors are likely to prove twice shy. The flight of Russian depositors - who currently provide around 25 per cent of the funding of Cyprus's banks - would fatally undermine the rescue plan for Cyprus.
ACCESSION #
86244030

 

Related Articles

  • Cyprus told to show it's on track with reforms. Jamie Dunkley // Evening Standard;10/29/2013, p40 

    FOREIGN creditors have asked Cyprus to open its books again to ensure the country is sticking to the terms of its bailout.

  • Euro zone sends billion euros for Cyprus bailout.  // Regional Today;06/27/2013, p2 

    The article reports on the one billion euro payment by the European Stability Mechanism (ESM) to Cyprus for its bailout fund given on June 26, 2013.

  • Portugal exited its EU bailout,. Investor's Business Daily // Investors Business Daily;5/ 6/2014, pA02 

    Portugal exited its EU bailout, following Ireland in declining a safety line of credit. Greece and Cyprus are now the only 2 eurozone countries still on support.

  • UK suspends pension payments to expats in Cyprus. Dale, Samuel // Money Marketing (Online Edition);3/18/2013, p2 

    The article reports on the suspension of the Great Britain government of state pension payments for expats living in Cyprus till the crisis surrounding its banking bailout is settled.

  • Bank Run in Cyprus; Who's Next?  // Moderate Voice;03/17/2013, p2 

    The article discusses the deal negotiated by Eurogroup to bailout the banking system in Cyprus.

  • Cyprus Still Locked in Negotiations in Last-Ditch Effort to Avoid Bankruptcy. Guest Voice // Moderate Voice;03/24/2013, p2 

    The article focuses on the efforts of Cyprus to get a bailout package for avoiding bankruptcy.

  • Cyprus government calls in FTI to boost bailout talks. Mattinson, Alec // PRWeek (London);1/18/2013, p1 

    The article reports on the call of the government of Cyprus for financial assistance from international finance agencies. It states that the move of the country is in line with its efforts to secure a bailout from the European Union (EU). According to the author, Cyprus needs to raise 17 billion...

  • Bondholders burned. Niamh Lyons // Daily Mail;3/26/2013, p8 

    CRISIS-stricken Cyprus has agreed a €10billion bailout to avoid economic meltdown that will burn its bondholders but protect savers with less than €100,000 on deposit.

  • Russian stock market reaches 2013 low on Tuesday. Interfax // Russia & CIS Business & Financial Newswire;3/26/2013, p1 

    MOSCOW. March 26 (Interfax) - The Russian stock market reached its lowest values for 2013 on Tuesday amid fears that the Cyprus bailout plan might be used by other euro zone members.

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics