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Investors in Asia cheered news of a draft deal for Cyprus as local authorities and international lenders race to hammer out a bailout proposal before the European Central Bank’s deadline comes due at the end of Monday.
Sources told CNBC that the proposal included setting up a “good” and “bad” bank in Cyprus, which will mean that the Popular Bank of Cyprus, known as Laiki, would be shut down. The deal is still subject to approval by euro zone finance ministers.
The Nikkei rallied 1.2 percent while Australia’s benchmark S&P ASX 200 crossed the key 5,000 mark for the first time in three sessions. Seoul’s Kospi also jumped 1 percent to rebound from last week’s multi-month lows.
Meanwhile, the euro climbed 0.3 percent to push above the 1.30 handle against the greenback on the news.” CNBC Published: Sunday, 24 Mar 2013 | 8:30 PM ET
By: Nyshka Chandran
Big deal??.. no
Business as usual?? …yes
Soon, Cypriots will throw out the good for nothing Government messing around with the little man’s money.
ReplyNot likely to happen in other EU countries.
Ordinary people do not have money in the bank anyway, so what is there to withdraw?
Loans are being backed/sponsored by the ECB anyway.
The stock markets have jumped back to “normal”
The car market has even become more active
The property market has remained buoyant.
The bond market is alive and well
There are more REIT launches
Why is it that people always take such negative positions when some policy is being
applied by governments around the world?
Such as:
Japan’s monetary easing
UK’s interest rates remains unchanged
Australia’s interest rates unchanged
The idea has always been to pump the world with money ( just so that institutions are flushed… not the ordinary folks ) and that is the way it will remain even beyond 2014.
There is no turning back to “old school” economics. It is evolving and a new theory will emerge to replace Keynesian ideas.