Cyprus Bailout on The Line
Cyprus, with a population of 1.1 million continues to hold the world’s
attention. The European Central Bank, European Commission and IMF - known as the
troika - have imposed a deadline of Monday, for the debt ridden country of
Cyprus to present a plan to fund 5.8 billion euros ($7.5B). Only then will the
troika provide 10 billion euros ($13 billion) in bailout funds. Emergency
support to the banks will be cut off by the ECB if no plan is in effect. The
move could trigger financial collapse and devastation for the Cypriot economy,
potentially pushing the country to leave the 17-country euro currency union.
Several alternative plans are on the table in an attempt to restructure the two
largest banks in Cyprus creating a good and bad bank, limiting noncash
transactions, checking, withdrawals and possibly taxing deposits of 100,000
euros and more. Cypriot legislature is scheduled to vote today. Cyprus agreed to
spin off Greek units of debt-ridden Cypriot banks as banks and stock exchanges
remained closed. The Bank of Cyprus, the largest lender in Cyprus could see
proposed tax on deposits. Cyprus would most likely have to leave the Eurozone
unless a viable plan to fund a portion of the financial bailout it desperately
needs, comes together. The country's second largest lender Laiki, which suffered
huge losses from Greek debt investments, could be restructured. A large part of
deposits in Laiki above 100,000 euros ($129,000) - that are insured - could be
confiscated with seizures up to 30% not out of the question. Takis Phidias
acting CEO of Laiki condemned the plan and said, "I'm certain that there will be
chaos after these bills are approved." Phidias said the initial plan to seize
deposits across all Cypriot accounts "would have more evenly shared the burden
and certainly, it would have safeguarded both large banks. Russian Prime
Minister Dmitry Medvedev said in a news conference, "We will only be ready to
discuss various ways of support for that state only after the EU nations and
Cyprus work out a final settlement." Nearly 20 billion euros have been parked in
Cyprus banks by Russian depositors. Early Friday, Cyprus government spokesman
Christos Stylianides said, “The next few hours will determine the future of this
country. We must all assume our responsibility.”
Positive results on an eczema treatment for adolescents and children that could
prove superior to rival medications for Anacor Pharmaceuticals Inc. (ANAC). In
the experimental phase, AN2728 is currently in Phase 2 studies and achieved a
71% improvement when using the ointment for 28 days. Anacor shares are up 66% by
mid-day on Friday, compared to closing price on Wednesday.
Federal Reserve Board Governor Sarah Bloom Raskin said on Friday, in a speech to
the National Community Reinvestment Coalition annual conference, "Our country
cannot achieve prosperity without addressing the powerful undertow created by
flat wages and tenuous financial security for so many millions of Americans. If
banking practices are undermining the ability of the economically marginalized
to become financially included and to access the credit they need in an
affordable way, regulators must move in quickly to stop the disorder and repair
the broken windows of financial intermediation." Raskin said bank regulators
must focus more attention on how financial institutions serve the poor and that
community groups and bank supervisors must improve their communication.
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