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  • #776,221
  • Mar 22, 2013 12:46am Mar 22, 2013 12:46am
Quoting Jay Walker
Can Parah Salin see Cyprus from her house?
she is a joker...she sees remote russia and mongolia.... this time she would have to set a drone to spy on cyprus..
  • #776,222
  • Mar 22, 2013 12:48am Mar 22, 2013 12:48am
Quoting msetai
whoa what just happened?
it was a race to short first ...well i guess some one did before the rest
  • #776,223
  • Mar 22, 2013 12:48am Mar 22, 2013 12:48am
yOU KNOW THIS IS SOME KIND OF JOKE , ecb CAN SPENT 10 bln , common whats 5.8 billons MORE after they been giving money to evrybody else in EU , THEY MAKING FUN OF THEIR LITTLE BROTHER Cyprus , forces them beg for money outside of eu
  • #776,224
  • Mar 22, 2013 12:48am Mar 22, 2013 12:48am
Euro Falls to $1.2889 From $1.2920 After Report of No Russian Aid to Cyprus
  • #776,225
  • Mar 22, 2013 12:49am Mar 22, 2013 12:49am
its brick out there in Russia...got damn
  • #776,226
  • Mar 22, 2013 12:50am Mar 22, 2013 12:50am
Quoting Ken A
E/J Daily Update



Attachment

E/J daily update is a sin... Are we heading to 120.60...?
  • #776,227
  • Mar 22, 2013 12:53am Mar 22, 2013 12:53am
the only way was to get money from russia is to offer place for navy base in that region , evrybody knows its not gonna happen , but russia would give them money in the matter of seconds lmao
  • #776,228
  • Mar 22, 2013 12:54am Mar 22, 2013 12:54am
Quoting math_GB
The PA is residing with you folks since yesterday, take good care of my favourite "left-handed" man and send him to Cyprus on his way home. Then you will see PA
yesterday was fine and very technical from my perspective , easy target hunting ..
  • #776,229
  • Mar 22, 2013 12:56am Mar 22, 2013 12:56am
Quoting math_GB
E/J daily update is a sin... Are we heading to 120.60...?
121.80, 121.60 see which one holds
  • #776,230
  • Mar 22, 2013 12:57am Mar 22, 2013 12:57am
OK call me crazy, if EJ can move above 122.90 and settles above it, I am entering a long and not touching it untill 10:00 pm today...
  • #776,231
  • Mar 22, 2013 12:57am Mar 22, 2013 12:57am
I see eurodollar @ 1.27 at the moment... I said...will post my chart later this will be interesting
  • #776,232
  • Mar 22, 2013 12:58am Mar 22, 2013 12:58am
Quoting acidburn123
yesterday was fine and very technical from my perspective , easy target hunting ..
Was talking about Mr Obama...! He is still there...?
  • #776,233
  • Mar 22, 2013 12:59am Mar 22, 2013 12:59am
Quoting SnaveForex
I see eurodollar @ 1.27 at the moment... I said...will post my chart later this will be interesting
Need ice cubes...?
  • #776,234
  • Mar 22, 2013 1:00am Mar 22, 2013 1:00am
After Googling, this is the only place I saw the news on Cyprus:

https://twitter.com/FXstreetNews
  • #776,235
  • Mar 22, 2013 1:01am Mar 22, 2013 1:01am
Quoting Ken A
121.80, 121.60 see which one holds
im waiting for confirmation next swing...maybe i miss that level
  • #776,236
  • Mar 22, 2013 1:06am Mar 22, 2013 1:06am
Price cannot muster enough force to get near to 1.3000 and then gets slammed. Is the euro being devalued (aka price defense)? Is it a lack of market support due to fundamentals? Whatever the case is it can't be ignored. Big money is talking and one must listen. It's a sign that seems to be pointing in only one direction.
  • #776,237
  • Mar 22, 2013 1:08am Mar 22, 2013 1:08am
-24 pips. I relieved I was stopped out by my less than usual tight stop. Whew, an island banking set up of barely a million people are wiping out billlions of scrilla across the world. All the while I thought the US would be the one doin the bank holidays.
  • #776,238
  • Mar 22, 2013 1:09am Mar 22, 2013 1:09am
Quoting SnaveForex
I see eurodollar @ 1.27 at the moment... I said...will post my chart later this will be interesting
Please do. Would love to see it.
Not all sins are created equal
  • #776,239
  • Mar 22, 2013 1:09am Mar 22, 2013 1:09am
Went through this small article from DownJones. Found it interesting so thought of sharing here:

The Cypriot Tangle

The Cyprus-Russia-European Union triangle is becoming mighty tangled.

The EU is demanding that Cyprus recapitalizes its banks as a condition for extending loans to keep the country afloat. So to get hold of 10 billion euros ($13 billion) of EU money, Cyprus needs to raise around EUR6 billion on its own.

Its earlier plans to do so by taxing depositors was more or less torpedoed. There was so much outrage that savers protected by deposit protection insurance--those with bank accounts holding up to EUR100,000--would lose money that the Cypriot government backtracked. On the other hand, it didn't want to raise the levy substantially on uninsured depositors because many of those were very wealthy foreigners, particularly Russians. Barclays estimates that accounts holding more than EUR500,000 represent 42% of the deposit base, compared with 46% for accounts holding less than EUR100,000.

Cyprus could raise all of the funds from those very wealthy accounts. Except Cyprus would end up alienating its Russian friends. Cyprus already has an outstanding EUR2.5 billion loan from Russia from when it was last in crisis, which it's looking to extend for five years with a two percentage point cut in how much interest it has to pay.

What's more, Cyprus is keen on saving its financial services industry, notwithstanding that its size, around eight times bigger than annual economic output, is at the heart of the country's problems now. Confiscating a big chunk of money from its richest depositors would guarantee to kill it as an offshore haven stone dead.

Cyprus is by far the largest source of foreign direct investment into Russia, some 29% of the total. Clearly, this is not Cypriot money. Russian cash flows into Cypriot shell companies and then flows back into Russian assets. Never mind why its done, the flows are so large that even tiny frictional costs--legal fees, company fees, banking fees--represent a very nice income for the Cypriot economy.

It's income Cyprus desperately wants to keep, although it may well already be beyond saving now--merely making plans for a depositor tax will have spooked foreigners, possibly to the point of abandoning Cyprus altogether.

Nor is the deposit tax particularly popular with the Cypriots. A survey reported in a Greek newspaper found that 67% of Cypriots would rather the country abandoned the euro than levied a deposit tax.

This represents a serious impasse.

Germany doesn't want to bail out rich Russians by extending ever larger loans and liquidity assistance to the country. Cyprus doesn't want to tax Russians considered key to its domestic economy.

One possible alternative is for Cyprus to go to Russia directly. But another Russian loan would be unacceptable to the EU because yet more leverage would do nothing to make Cypriot banks and the government solvent. One mooted possibility has been to sell Cypriot gas fields to Russia in exchange for the funds. Or to get Russians to recapitalize the banks directly.
Russia, which in the Soviet era was desperate for a warm-water base in the Mediterranean, might still be keen on a quid-pro-quo, although it's hard to see the U.S. acceding to that, not least because its ally the U.K. has two large sovereign military bases on the island.

If Cyprus fails to meet EU criteria, the European Central Bank has said it will cut off liquidity assistance to Cypriot banks. Which means that when Cypriot banks open up again, they'd immediately collapse as deposits fled. This, in turn, would force it to institute capital controls and almost certainly require that the Cypriot government printed its own IOUs to cover its expenses. These IOUs would very quickly become a separate currency and, presto, Cyprus is out of the euro zone and very likely outside the EU.

Russia doesn't want this. One of Cyprus's main attractions for Russians is that it represents an easy entree into the EU.
Nor would the EU be particularly keen on a Cypriot exit from the single currency, because it would once again raise convertibility risk in vulnerable countries like Greece, Portugal, Spain, Italy and Ireland.

So it seems likely that some sort of deal will be struck. The EU can't back down on taxing Cyprus's wealthiest depositors now. But the tax is likely to be considerably smaller than what's needed to raise EUR6 billion. Russian might well make up part of the difference. The rest is likely to be from a bigger EU loan.
  • #776,240
  • Mar 22, 2013 1:11am Mar 22, 2013 1:11am
Quoting math_GB
Need ice cubes...?
yes dude...i cracked open the vladimir vodka too early before the weekend...shit
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