Cyprus-Forum.com

[supporttheunderdog]

the Euro closed last week at ;85520 - since then it has fluctuated between ;85282 and .85663 and is currently at .85448. The bumps appear to be smoothing, and the value leveling.

The Euro is still worth more than it was in July, when it was worth about 0.8.

[CBBB]

the Euro closed last week at ;85520 - since then it has fluctuated between ;85282 and .85663 and is currently at .85448. The bumps appear to be smoothing, and the value leveling.

The Euro is still worth more than it was in July, when it was worth about 0.8.

It is now 0.8474, so it is improving all the time.

Those that want to get their money out of Cyprus, but can't because of the current controls are probably being done a favour!

[Svetlana]

I am sworn to secrecy, but I will tell you if you promise not to mention it to anyone; there is to be a secret meeting of bankers in Nicosia today to discuss revertion to the CY£. Must be true as my gardener, who foretold of the demise of Laiki Bank, told me so.......

Anyone who wishes to dispose of their old useless € can send them to me, where they will be put to good use.

[Kikapu]

I am sworn to secrecy, but I will tell you if you promise not to mention it to anyone; there is to be a secret meeting of bankers in Nicosia today to discuss revertion to the CY£. Must be true as my gardener, who foretold of the demise of Laiki Bank, told me so.......

Anyone who wishes to dispose of their old useless € can send them to me, where they will be put to good use.

Does your gardener talk in his sleep or is this all pillow talk, Lana?

[supporttheunderdog]

I am sworn to secrecy, but I will tell you if you promise not to mention it to anyone; there is to be a secret meeting of bankers in Nicosia today to discuss revertion to the CY£. Must be true as my gardener, who foretold of the demise of Laiki Bank, told me so.......

Anyone who wishes to dispose of their old useless € can send them to me, where they will be put to good use.

Thats only Euros notes starting with N in the number, or Cypriot design coinage. The rest should be good. Key point is when/how they will make any switch (IF that were to happen)

The Capital controls have just been renewed again, and I would expect if there is a move to revert to the CY£ they will continue be imposed (with vigour) until we have new notes and everything held in Cyprus accounts is converted at whatever rate. They will however need new notes / coins very fast, and will probably have to close the banks/shut of cash machines while the new notes and coinage is brought in.

Euro by the way while fluctuating seems to be trending up slowly against the SDR since the begining of the week.

[cyprusgrump]

Euro drops further on Draghi's dovish comments

The Euro is falling fast. It's now dropped to a four-month low against the dollar on Draghi's dovish comments.

[supporttheunderdog]

Euro drops further on Draghi's dovish comments

The Euro is falling fast. It's now dropped to a four-month low against the dollar on Draghi's dovish comments.

It is bouncing a lot: at 12.20 it was at 0.85668 SDR and at 12.50 at 0.85292 then up to .85963 at 13.50. Now at about 0.85800 ie up

The dollar on the other hand took a jump but has fallen against the SDR in the same period

Net effect that the Euro is now up against the dollar from about this time last week....

[supporttheunderdog]

Euro drops further on Draghi's dovish comments

The Euro is falling fast. It's now dropped to a four-month low against the dollar on Draghi's dovish comments.

It is bouncing a lot: at 12.20 it was at 0.85668 SDR and at 12.50 at 0.85292 then up to .85963 at 13.50. Now at about 0.85800 ie up

The dollar on the other hand took a jump but has fallen against the SDR in the same period

Net effect that the Euro is now up against the dollar from about this time last week....

and rising still.....

[supporttheunderdog]

European debt crisis could last a decade, warns Bundesbank chief Jens Weidmann

http://www.telegraph.co.uk/finance/financialcrisis/10001631/European-debt-crisis-could-last-a-decade-warns-Bundesbank-chief-Jens-Weidmann.html


Overcoming the crisis and the crisis effects will remain a challenge over the next decade," Mr Weidmann, who is also a Governing Council member at the European Central Bank, told the Wall Street Journal.

"The calm that we are currently seeing might be treacherous" if reforms are not quickly taken across Europe, he added.

The euro fell sharply after Mr Weidmann said the ECB could reduce interest rates further if economic data warrant it.


see XE.com - EUR/XDR Chart http://www.xe.com/currencycharts/?from=EUR&to=XDR&view=1W for the effect...

[cyprusgrump]

Also in Athens, Greek finance minister Yannis Stournaras told MPs this afternoon that "the Greek banking system was endangered by the the Cyprus crisis."

From Greece, Helena Smith reports:

"It's not an exaggeration to say that the Greek banking system was in danger because if the deposits of Greeks at Cypriot branches [in Greece] had also suffered a haircut, no one knows what would have happened afterwards," Stournaras told parliament as it debated the decision to ring fence the banks.

The decision to place the Greek network of Bank of Cyprus and Laiki banks in the hands of Pireaus Bank was "evidence of the helpful stance and support of Greece towards Cyprus," he said.

Many Cypriots would disagree. Greece is widely blamed by the islanders for their country's spectacular economic collapse. Had it not been for Nicosia standing in solidarity next to Athens when its own debt load was restructured last year, the Cypriot banking system would not have suffered €4.5bn of losses (tountamount to 25% of GDP) overnight, officials say.

One of the best kept secrets, rarely if ever acknowledged by the leaderships of both countries, is the little love lost between them. In truth the Cypriots and Greeks have little time for each other.