Troika pushing for 15% deposit levy – MNI

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MNI is reporting that a government official speaking outside Parliament said the Troika wants a 15% deposit levy on deposits in Cyprus. Asked if the government accepted the demand, the official said that government is still examining different numbers and scenarios  — that’s not exactly a sound rejection.

The initial plan was for a vote at the top of the hour but that looks highly unlikely. At this point, a resolution before the market close looks like a longshot.

It looks as though a deal is coming together but you never know until the votes are counted. The risks for the euro go both ways; we could see selling on the lack of certainty headed into the weekend but speculators could also buy on the anticipation that a deal will get done before markets re-open Monday.

Author: Adam Button

Adam Button is the managing editor of ForexLive™. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.

2013-03-22T17:29:03+0000

All|Americas|Market Rumors|Regions

Cyrpus

Adam Button

8 Comments

  1. I’m thinking a big gap after this weekend –
    a gap up in the euro pairs and a gap down in nzd and aud pairs

  2. Hilarious, (hope you feel better Adam)

    yeah but we all know what happens over weekends, how’s the common phrase go?

    “the end of the world will definitely be a Friday”

    I had a feeling there would be no solution’s by the weekend , also i give it 50/50 that these banks ever open again.

  3. Also any info on where they want the 15%, 100K ?

  4. Max,
    before any comment on AUD , i think u need to watch the weekly chart of AUD/USD.
    if double top not formation aud again bull. if AUD not able to cross the 1.04550 or 1.04600…………………….then yes there will more bearish of AUD………..again tuesday Steven bark negative towards AUD. …..AUD is over valued and we will do everything but he never do anything without cutting the interest rate…………..cheers………….hahaha

  5. Have a good weekend Adam. It is just before 3am here and I am cutting out early this week. I am exhausted and I don’t want to see another pip, until Monday. It has been a busy week, the same as it always is. You guys are all doing a great job here with coverage. Cheers. :)
    And to fellow traders, it may be best to square away any positions and get flat before the market closes. Getting stop hunted during Monday morning interbank smash and grab fest is not worth the risk of gaining a few pips. They have a licence to steal, so don’t expose yourself for the hope of gaining a few extra pips. Cheers.

  6. hey adam ,
    RYAN will not come today?
    why ur forex live doesnt post my previous comment? is there anything wrong with my comment?

  7. It’s ambiguous but, I expect it’s over 100K because the Troika has been pushing to spare the small depositors all along.

  8. I don’t remember seeing your comments Birendra.

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