Uncertainty.
This uncertainty is causing stocks to sell off and the euro to tumble.In fact, Bloomberg’s Sara Eisen reports that the euro is now below $1.29 for the first time since December.
At $1.2858, its down 0.76 percent for the day.
Cypriot parliament rejects ruling party request to postpone vote!!! PIMCO says it is cutting allocations to Eurozone after Cyprus deposit levy!!!
zerohedge@zerohedge
Cypriot parliament rejects ruling party request to postpone vote
zerohedge@zerohedge
PIMCO says it is cutting allocations to Eurozone after Cyprus deposit levy – PM
https://twitter.com/zerohedge
Juergen Baetz@jbaetz
NICOSIA (@AP) #Cyprus’ Parliament’s speaker says vote on bank levy will go ahead today, despite delay request by the governing party. #sigh
Cyprus parliament rejects deposit levy: reports
http://www.marketwatch.com/story/cyprus-parliament-rejects-deposit-levy-reports-2013-03-19-14912938?link=MW_home_latest_news
Former Cyprus Central Banker Goes Off On The EU And Says The European Project Is Dying
“We are witnessing historic times. What we are witnessing is the slow death of the European Project. We are in a situation that some European governments are essentially taking actions that are telling citizens of other member states that they are no…
http://www.businessinsider.com/former-cyprus-central-banker-athanasios-orphanides-says-the-european-project-is-dying-2013-3
Cyprus Finance Minister Resigns, President Refuses To Accept Resignation
Update: President Anastasiades rejects FinMin Sarris’ resignation. Unclear what happens next.
Things just took a turn for the much worse following this news from Market News:
- CYPRUS FINANCE MINISTER SUBMITS RESIGNATION – SOURCES
- MARKET NEWS CITES SOURCES ON CYPRUS FINANCE MINISTER
#Cyprus: vote on deposit tax expected at 8pm. No party will support it.
Cyprus Contagion Spreading – Greek Bonds Plunge Most Since Bailout
Greek government bonds, levitated on a sea of central bank excess & a plethora of promises, are coming back to earth rapidly as the fears of their Mediterranean brethren spreads contagiously to other bond markets. Spain & Italy are suffering …
http://www.zerohedge.com/print/471619
CONTAGION! DEPOSITOR HAIRCUT BAIL-INS SPREAD TO NEW ZEALAND, GOV’T DISCUSSING CYPRUS STYLE SOLUTION FOR BANK FAILURE!
…”The rule of law in the entire Western financial world is apparently vaporizing faster than the spent fuel at Fukushima.”
*BREAKING!
Depositor haircut wealth confiscations have just gone from a one-off in Cyprus to the new thing in 2013.
The New Zealand government is reportedly pursuing a policy of Cyprus style depositor haircuts for all future bank failures!
The plan would not limit the haircuts to any percentage, but would steal whatever is necessary from depositors to prop up the failing bank institution: Depositors will overnight have their savings shaved by the amount needed to keep the bank afloat.
The rule of law in the entire Western financial world is apparently vaporizing faster than the spent fuel at Fukushima.
http://www.silverdoctors.com/contagion-depositor-haircut-bail-ins-spread-to-new-zealand-govt-discussing-cyprus-style-solution-for-bank-failure/#more-23498
Daylight robbery in Cyprus will come to haunt EMU
One’s first reflex is to gasp at the stupidity of the EU policy elites, but truth is that most EU officials handling the Cyprus crisis know perfectly well that their masters have just set the slow fuse on a powder keg – and they can only pray that it…
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100023466/daylight-robbery-in-cyprus-will-come-to-haunt-emu/
Cyprus bailout – live
Eurozone governments are “essentially blackmailing” Cyprus, said Anthanasios Orphanides, former governor of the Cypriot central bank, as he warned against the “slow death of the European project”.
http://www.telegraph.co.uk/finance/debt-crisis-live/9939296/Cyprus-bailout-live.html
Brookings’ Elliott: Cyprus Plan to Have Huge Impact on Future Crises
The plan to tax Cyprus bank deposits may have a huge impact on future banking crisis, says Douglas Elliott, a former investment banker and a fellow at the Brookings Institution, warning that possible contagion risks are enormous.
Read Latest Breaking News from Newsmax.com http://www.moneynews.com/Finance-News#ixzz2O0fLbZTw
zerohedge@zerohedge
German Bankers Generously Offer Cypriots Helping Hand If They Transfer Deposits
http://www.zerohedge.com/news/2013-03-19/german-bankers-generously-offer-cypriots-helping-hand-if-they-transfer-deposits
Eric Reguly@ereguly
Bailout vote looks to be lost Cyprus, wc cd trigger banking collapse. What is Plan B?
Pradeep K Paijwar ®@paijwar
Russia offers to bail out Cyprus… for a price
http://hotair.com/archives/2013/03/19/russia-offers-to-bail-out-cyprus-for-a-price/
Rollover 1981… world economic collapse
Other headlines:
Failing Health of Italian Banks Hangs Over Markets
Fitch Takes Rating Actions on Italian Banks Following Sovereign Downgrade
Bitcoin apps soar in Spain – will the Cyprus shocker boost virtual currencies?
Cyprus Deposit Raid Stokes Senior Bond Concerns: Credit Markets
Cyprus parliament ready to veto deposit tax
China’s Suntech Power in $541m debt default
Former Cyprus central bank governor says European governments are ‘blackmailing’ country
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