Back
22 Mar 2013
Forex Flash: Cyprus vote to be delayed - Societe Generale
FXstreet.com (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale notes that German sources says that the vote on the fund is delayed to later in the night or Friday.
He sees that the upcoming fund looks to be a mix of borrowing on pension funds and the church, with hopes of some issuances of claims on Natural Gas et al. However, for now Russia is remaining uninvolved while the Eurozone is insisting on the 100K protection which consequently leaves the offshore depositors to take the risk. He writes, “What seems to be going ahead is the bank resolution (bad bank good bank) for one of the two major banks. This is the most pressing issue, with one bank restricting cash withdrawals to 260 EUR per day per person.”
He sees that the upcoming fund looks to be a mix of borrowing on pension funds and the church, with hopes of some issuances of claims on Natural Gas et al. However, for now Russia is remaining uninvolved while the Eurozone is insisting on the 100K protection which consequently leaves the offshore depositors to take the risk. He writes, “What seems to be going ahead is the bank resolution (bad bank good bank) for one of the two major banks. This is the most pressing issue, with one bank restricting cash withdrawals to 260 EUR per day per person.”