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South Cyprus heading for Greek financial Crisis

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Re: South Cyprus heading for Greek financial Crisis

Postby CBBB » Thu Jul 28, 2011 7:38 pm

Viewpoint wrote:
Kikapu wrote:
Viewpoint wrote:Predicted this weeks ago.


So what happens now, VP?

Come on, lets hear some predictions! :lol:


The government in the south is about to crumble and strict economic reforms are in order, god moves in mysterious ways first electricity now economic reforms...werent you along with your arse lickers laughing at us a few weeks back?


We are still laughing with your begging from Turkey.
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Re: South Cyprus heading for Greek financial Crisis

Postby Cap » Thu Jul 28, 2011 8:16 pm

:lol: :lol:

Your god is a myth.
The Christian God is what brought humanity from out of the dark ages.

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Re: South Cyprus heading for Greek financial Crisis

Postby DTA » Thu Jul 28, 2011 9:12 pm

Cap wrote::lol: :lol:

Your god is a myth.
The Christian God is what brought humanity from out of the dark ages.

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Are you serious?
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Re: South Cyprus heading for Greek financial Crisis

Postby CBBB » Thu Jul 28, 2011 9:13 pm

DTA wrote:
Cap wrote::lol: :lol:

Your god is a myth.
The Christian God is what brought humanity from out of the dark ages.

Image


Are you serious?


No, he is Lebanese!
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Re: South Cyprus heading for Greek financial Crisis

Postby Cap » Thu Jul 28, 2011 9:18 pm

Yes DTA, very serious.
As if I take any Anatolian agitator seriously....
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Re: South Cyprus heading for Greek financial Crisis

Postby Cap » Thu Jul 28, 2011 9:23 pm

Retarded posts call for retarded responses.

You should be asking the disillusioned Anatolian that question, not me.
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Re: South Cyprus heading for Greek financial Crisis

Postby Kikapu » Thu Jul 28, 2011 10:46 pm

Viewpoint wrote:
Kikapu wrote:
Viewpoint wrote:Predicted this weeks ago.


So what happens now, VP?

Come on, lets hear some predictions! :lol:


The government in the south is about to crumble and strict economic reforms are in order, god moves in mysterious ways first electricity now economic reforms...werent you along with your arse lickers laughing at us a few weeks back?


It's called "Cold Reading" by some, but you can't even do that, since all your so called "predictions" are already in the public domain. :roll:

How you stopped receiving money from Turkey yet?

If not, that's why they are laughing still. :idea:
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Re: South Cyprus heading for Greek financial Crisis

Postby Viewpoint » Fri Jul 29, 2011 5:20 pm

Your petty little games are very childish.
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Re: South Cyprus heading for Greek financial Crisis

Postby supporttheunderdog » Fri Jul 29, 2011 9:13 pm

This says it all

http://gulftoday.ae/portal/afb1433d-5f9 ... 8802c.aspx

Slide of Turkish lira poses a risk to markets
July 29, 2011


ISTANBUL: Ten years after a financial crisis which caused banks to collapse and foreign investors to pull out, Turkey again risks market turmoil as its currency slides and the drop may not halt unless the central bank hikes interest rates.

Many fund managers and analysts believe Turkey’s situation will not become as serious as it was during the repeated crises of 2000-2001, when the country had to resort to over $10 billion of loans from the International Monetary Fund, and the 1990s.

The economy is stronger and larger than it was then, and the Turkish banking system does not have the big exposure to foreign currency debt that sank it in 2000-2001. Foreign currency reserves are near record highs above $90 billion.

But large amounts of foreign portfolio investment have withdrawn from Turkey in the last few months, and the lira’s slide is an unwelcome reminder to investors that despite the country’s economic success over the past decade, unpredictable policies can still make the country risky.

“For this to be a currency crisis the lira should hit over 2 against the dollar in the short term. However, I don’t feel it will go over 1.9, and I don’t think the central bank will allow this to turn into a crisis,” said Umit Ozlale, economics professor at the country’s TOBB University.

But Ozlale added, “The central bank should immediately raise its policy rate by 100 to 150 basis points to renew confidence. If it fails to do this, the move in the currency may get steeper.”

The lira has lost about 10 per cent of its value to hit a 28-month low of 1.7340 against the US dollar this year, making it the worst-performing investment currency in emerging markets. It has plunged about 16 per cent against a euro/dollar basket. JP Morgan’s latest monthly investor survey showed a sharp fall in foreigners’ lira positions, to their lowest since the survey began in 2003.

The Turkish stock market has dropped 10 per cent this year and is the world’s worst-performing big emerging bourse after Brazil; a Bank of America/Merrill Lynch poll showed foreign fund managers’ positions in Turkish stocks were near their lowest since March 2008.

Meanwhile, concern about inflation and Turkey’s current account deficit have pushed bond yields up sharply since the start of the year, with two-year yields rising almost 2 per centage points. The IMF has forecast the deficit will balloon to 10.5 per cent of gross domestic product this year from 6.7 per cent last year; it totalled $37.3 billion in the first five months of this year.
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Re: South Cyprus heading for Greek financial Crisis

Postby Hermes » Fri Aug 05, 2011 4:21 pm

Our old friend Olli Rehn speaks out on the Cypriot economy....

Cyprus's economy is 'sound'

Olli Rehn seeks to allay fears that island may need bail-out; calls for reform as president reshuffles government.

The economy of Cyprus is fundamentally sound even though its public finances are in need of urgent reform, Olli Rehn, the European commissioner for economic and monetary affairs, said in Brussels today (5 August). Rehn denied that the island's economy was overly exposed to the situation in Greece.

Rehn's comments came hours after Demetris Christofias, the president of Cyprus, reshuffled his government following the collapse of the ruling coalition. Christofias, a Communist, will now need to secure the support of the centre-right opposition for a new austerity package.

“Cyprus has overall sound fundamentals,” Rehn said. “While the Cypriot banking sector is large in size relative to the economy, Cypriot banks are well-capitalised and supervised.”

Rehn said that any private-sector involvement in bailing out Greece would have a manageable impact on the Cypriot banking sectors. “Domestic banks have sufficient capital buffers to absorb expected losses, much of which has in fact already been provisioned,” he said. “The impact on subsidiaries of Greek-owned banks in Cyprus has also been foreseen in the new programme for Greece.”

But Rehn warned Cyprus's new government that it had to take “upfront expenditure-based consolidation measures”, reducing the budget deficit by 2012 and adopting a binding, multi-annual budget law.

He said that Cyprus should also accelerate structural reforms to boost growth and competitiveness. He said it was of the “utmost importance” to reform the pensions and health-care systems and wage indexation.

Rehn said that he would speak later today to Kikis Kazamias, Cyprus's new finance minister. He said that he wanted to discuss the “need for the new government to take immediately upfront, expenditure-based measures of fiscal consolidation to assure everybody that Cyprus is on a sustainable fiscal path”.


http://www.europeanvoice.com/article/20 ... 71831.aspx
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