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  • Euro zone call notes reveal extent of alarm over Cyprus

    From reuters.com

    Euro zone finance officials acknowledged being "in a mess" over Cyprus during a conference call on Wednesday and discussed imposing capital controls to insulate the region from a possible collapse of the Cypriot economy. In detailed notes of the call seen by Reuters, one official described emotions as running "very high", making it difficult to come up with rational solutions, and referred to "open talk in regards of (Cyprus) leaving the euro zone". The call was among members of the Eurogroup Working Group, which consists of deputy finance ministers or senior treasury officials from the 17 euro zone countries as well ... (full story)

Isn't it laughable how incompetent these european supervisors are. Out of the blue a new crisis pops up hahaha and an island next to Libanon of 1 million is a systemic risk. This is an banana zone and it's hard to imagine this will not end with an all destructive crash. And we deserve it because we asked for it.
Quoting funske
And we deserve it because we asked for it.
We? I can't speak for you, but I never asked for any of it.
Allee Funske,

Not that pessimistic! Cyprus might be a banana republic and never should have entered EURO zone all be it for the fact that they refused to accept the North and make peace. But their economy is far to small to cause a problem on its own.

What is more important is how the rest of Europe will react to avoid a domino effect.
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BB kicked cyprus in the face

http://wallstcheatsheet.com/stocks/dr-ben-kicks-cyprus-in-the-nose.html/?ref=YF
Quoting campco
What is more important is how the rest of Europe will react to avoid a domino effect.
You're missing the point here that this event happened overnight, suddenly an EZ member needs an amount of euro's equal to their annual GDP. That is my concern and should be imo everybody's concern.

Compare this with the US unexpectedly announcing 16 trillion is needed to prevent a default before tomorrow.
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  • Story Stats
  • Posted: Mar 21, 2013 9:32am
  • Submitted by:
     Newsstand
    Category: Fundamental Analysis
    Comments: 5  /  Views: 1,785