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Asian shares, euro spooked by Cyprus bailout details

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Post by captain Tue Mar 26, 2013 1:39 am

Asian shares fell and the euro was capped on Tuesday as investors contemplated potential flow-on risks from the Cyprus bailout scheme.

Large uninsured depositors and bondholders will bear heavy losses in the bailout, which Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup of euro zone finance ministers, said represented a new template for euro zone and other countries which may have to restructure their banking sectors.

http://uk.reuters.com/article/2013/03/26/uk-markets-global-idUKBRE87514J20130326
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Post by veya_victaous Tue Mar 26, 2013 3:08 am

from what I understand cypriot banks have large unsecured deposits held by 'russians' as a means of money laundering so this may not have as bad an impact on locals.

and generally the taking of money from the most affluent is the way to solve the issues in Europe. the probelm isn't that the average person has too much the problem is the super rich that have tied up all too many resources.
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Post by Ben Reilly Tue Mar 26, 2013 4:57 am

(Moved to Business & Economy, nothing to see here folks, move along ...)
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