-
USD Looks Like an Island of Stability
Capital controls and expropriation of depositor funds is normally associated with developing countries, but actually it’s happening within the world’s second most important currency, the Euro. By comparison USD looks like a haven of stability, which could see it firming for much of this year. Though Cyprus is taking its bitter EUR 10 billion bailout medicine by forcing depositors with over EUR 100,000 to take a significant haircut and imposing capital controls to save what’s left of its banking system, this does not mark the end of the Eurozone crisis. Possibly the opposite. The clumsy management of Cyprus and ... (full story)