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After rejecting earlier conditions of financial bailout, Cyprus officials came up with a new scheme. In order to secure about EUR 10 billion from the EU/IMF they have to come up with EUR 6 billion on their own. They tried to get this money from Russia, without any success. Faced with the prospect of local banks being cut from the ECB liquidity as early as Tuesday, leaders in Nicosia offered another proposal. Under these new terms, banks' depositors would remain affected, although in a...
SGD enjoyed a reasonably good week - brushing off weakness due to Cyprus uncertainty and the weakening exports. Singapore exports fell, coming in at -2.4% m/m vs an expected +4.5%. Y/Y data was shockingly bad, -30.6% compared to the same time in 2012, much worse than the 17.7% expected contraction. USD/SGD hit above 1.252 early Monday morning after the news, but price fell back quickly due with real money flow pushing price down. Hourly Chart The push lower failed to cover the gap, and...
Cyprus has become the next member of the EU to receive a financial aid package or a bailout. Compared to previous efforts, the sum involved here is relatively modest, only EUR 10 billion. At the same time, conditions are also different. In order to receive the funds, Cyprus agreed to tax account holders in the banks at 9.9% on deposits over EUR 100,000 and 6.75% on smaller amounts. This move is expected to bring about EUR 6 billion, paving the way for more money from the EU and the IMF. The...
The Swiss franc jumped today even after the Swiss National Bank maintained the cap on the currency and signaled that the exchange rate is still high.(...)Read the rest of Swiss Franc Strong Even as SNB Maintains Ceiling (60 words) Posted on Forex News.