Those of us who get involved in the Financial Crisis know that little Cyprus has warranted inclusion in mainstream PIIGS discussion for at least the last two years . But there is barely even passing reference to Cyprus when insolvent Staes are mentioned .No " C " in Piigs , unfortunately . Of course Cyprus can have some money . Their requirements are comparative chicken feed BUT FROM RUSSIA ? Not the ECB .Not from the new organisation for loans to defaulting EU countries and not from the IMF What deal has Russia offered? Are they desperate for a Mediterranean port? Of course they are . They have fought wars over hundreds of years to get a Med presence . So I wait to hear the true background details behind this crafty move . Far too clever for Putrid . I would love to know what part Kudrin played , even though he is nominally out of Government . Cyprus to seek aid from Russia, Cyprus will ask Russia for a loan of up to 5.0 billion euros ($6.4 billion) this week and then request aid from eurozone partners for its ailing banks, an EU diplomat said Wednesday. The crisis-hit Mediterranean island will "first try to get a bilateral loan from Russia," said the diplomat, speaking on condition of anonymity. Cyprus would then probably request eurozone aid for its banks next week along the lines of an offer made to Spain, he said. The source had no figure for the banking needs, saying Nicosia must conduct a "clear analysis." Asked for comment, a spokesman for the Cyprus mission to the European Union told AFP: "We are examining all possible options." Cyprus, which is taking over the European Union's rotating presidency as soon as July 1, has already secured a 2.5-billion-euro low-interest loan from Russia to cover its refinancing needs for this year. Estimates are that Cyprus needs around 4.0 billion euros to prop up its banks and help narrow the budget deficit, which widened last year to double the EU ceiling of three percent of gross domestic product (GDP). The island's banks are heavily exposed to the troubled Greek economy. The government is already committed to underwriting a 1.8 billion euro capital issue for the island's worst exposed institution -- Cyprus Popular Bank -- to recapitalise against the Greek debt crisis. The Cypriot finance minister, Vasos Shiarly, said Tuesday that help could come bilaterally or through the eurozone's rescue fund, the European Financial Stability Facility (EFSF). "We are optimistic that we can secure funding needed to recapitalise the bank either through a bilateral agreement or from Europe (Chicago Options: ^REURUSD - news) via the EFSF," he said.
Bank holiday in Cyprus till next week... Cyprus banks shut until Tuesday amid scramble for Plan B 20 March 2013 - Cypriot officials have said the country's banks, which were closed to prevent mass withdrawals, will remain shut until at least Tuesday.
Granny says, "Dat's right - dem banks was too big fer dey's britches... Does size matter? Cypriot bank sector problem went overlooked 21 Mar.`13 - There was no official red flag that Cyprus's oversized banking sector posed a big risk to its economy until last year, when the European Union set up tools to monitor such imbalances, a Reuters review of EU reports dating back to 2003 showed.
Granny says, "Dat's right - the financial sky startin' to fall... What happens if Cyprus collapses? Mar 23,`13 -- What happens if Cyprus' banks collapse? If its government goes broke? If it leaves the euro?
What happens if it "collapses" ? Perhaps it would be for the best. Just because a "collapse" sounds bad, does not mean any of the other options would be better. Here's a question no one seems to be asking: Why exactly would Cyprus have to leave the euro? Why not just ban the government of Cyprus from issuing any euros?
Banks in Cyprus opened on Thursday - for the first time in nearly two weeks... Bank of Cyprus big depositors could lose up to 60% 30 March 2013 - Bank of Cyprus depositors with more than 100,000 euros (£84,300; $128,200) could lose up to 60% of their savings as part of an EU-IMF bailout restructuring move, officials say.
Russia Won’t Bail Out Cyprus Savers Facing Deposit Losses Russia won’t bail out people or companies that stand to lose money held at Cyprus’s two largest banks, First Deputy Prime Minister Igor Shuvalov said. “If someone gets stuck and loses money in those two biggest banks, that’s really too bad,” Shuvalov said in an interview late yesterday on Russian state television. “But the Russian government isn’t planning to do anything in this case.” http://www.bloomberg.com/news/2013-...-out-cyprus-savers-facing-deposit-losses.html
SAUER: Mebbe dis is why... ANALYSIS: Russia tones down anger over Cyprus but why? Mon, Apr 01, 2013 - CHANGE OF HEART: Putin was breathing fire over the countrys first bailout deal, but he has not made any criticism over the current one, which raises questions
Is it game over for Cyprus as the financial services sector crumbles?... Cyprus: What does the future hold? 2 April 2013 - What is the future for the Cypriot economy following a 10bn-euro bailout deal with the European Union and the International Monetary Fund? See also: The pain of southern Europe's unemployed 2 April 2013 - When Europe's unemployment figures were published today, they once again underlined the north-south divide. Increasingly there are two Europes.
