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Forex: Cyprus and Troika negotiations extend

By FXstreet.com,  March 23, 2013, 08:34:00 AM EDT

FXstreet.com (Buenos Aires) - Cyprus authorities continue to struggle to avoid a financial meltdown in the island, and negotiations with the Troika extend over the weekend. Last Friday, the Cypriot parliament passed a bill to restructure banks, establishing restrictions on financial transactions to avoid a cash-flight after the developments of past week. It's yet to be seen, if the EU group will accept the proposal.

In the meantime, the trigger of these all remains under consideration, as Cyprus Parliament has yet to decide about the levy: Finance Minister Michael Sarris said this Saturday that the congress is considering a levy of about 25% on bank deposits over €100,00 in the largest local lender, the Bank of Cyprus.

While the PM is optimistic negotiations may conclude on Saturday evening, Euro group is set to meet tomorrow in Brussels.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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