Cyprus assumes the rotating presidency of the 27-member EU bloc on July 1, and is now in serious need for Europe’s economic help. (Reuters)
Eurozone member Cyprus conceded on Tuesday that there is a serious possibility it may need an EU bailout to save its banking system, which is heavily exposed to Greek debt.
“The possibility of addressing the financial stability mechanism to support the banking system, due to the problems created by excessive exposure of banks to Greece, is a serious possibility,” deputy government spokesman Christos Christofides told reporters.
He said the government was looking at various ways to support the banks, which included finding a loan “from elsewhere.”
Cyprus has already secured a 2.5 billion euro ($3.2 billion) low-interest loan from Russia to cover its refinancing needs for this year.
The recession-hit economy is struggling with record unemployment, austerity measures and trying to rein in a deficit twice the EU accepted limit of three percent of GDP.
The government is committed to getting its bloated deficit to below 3 percent this year from 6.4 percent in 2011.
But it is reluctant to introduce deeper public cuts to drastically slash the deficit.
“Cyprus will not go to the support mechanism because it has a fiscal deficit of 2.5 or three percent -- if we finally apply. This must be crystal clear, it will be to support the banking system,” said Christofides.
What I meant, I'm currently on a selling pos 1.2448 with no SL and no TP set, cause it's a low volatile market. I'm on the watch here. But I'm wondering if I should set any SL or TP o just try and hold those positions. Maybe closing some others to mantain my margin (which is only around 270-300%)
been sleeping back now. when i fell asleep we were testing trendline. and 2510. look where the move ended. sometimes we make forex too hard on ourselves, just look for one low risk trade per day (and there is always at least one, at least) and get out of the market.
i'm telling you, it pays MASSIVELY, to go down to lower time frames to connect trend lines perfectly (if you try in the 1hr or 4hr you will be off a little bit, and every degree of slope makes a difference)