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Bank of Cyprus
Cypriot ministers were trying to revise a plan to seize money from bank deposits before a parliamentary vote on Tuesday that will secure the island’s financial rescue or could lead to its default, with reverberations across the euro zone. [Read more…]
Rewards of austerity: As a consequence of economic contraction and falling imports in the troubled Eurozone countries, their foreign trade deficits are falling.
In the third quarter the five known as the PIIGS together recorded the first surplus since 1999.
The improving trade balance of the Eurozone as a whole explains the recent strength of the euro in terms of other major currencies.
CopyRight – OnTarget 2013 by Martin Spring
Outfoxing the Greeks
Eurozone and Greece
There are times when it pays to be hard-assed, get good legal advice – and never trust any government’s promises.
When Eurozone governments restructured Greece’s government debt a few months ago, they tried to force all private-sector investors to accept a big “haircut,” or loss of interest and capital, by exchanging their original bonds for new paper worth much less. [Read more…]
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