Cyprus looks for Russian help

FXstreet.com (San Francisco) - The Cypriot government has decided to ask Russia for help to try to avoid its financial collapse. The decision comes after the Tuesday rejection of the EU bailout and its terms including the bank-deposit levy.

The Russian finance minister said that Cyprus has asked for a new €5Bn loan in addition of the delay in the payments, with lower interests, of the current €2.5Bn loan signed between Russia and Cyprus.

Finance minister Sarris said that despite they haven't reached an agreement, the talks will continued in the coming days.

Meanwhile, Joerg Asmussen said that the ECB offer is not perennial and Cyprus must accept it soon, otherwise they will removed the help.

Mar 20, 2013

ECB to delay vote on Cypriot emergency lending funds

The European Central Bank (ECB) is likely to prolong the agony in Cyprus and delay any matter of decision regarding the continuation of supplying Cypriot banks with emergency funds as it awaits clarity country’s bailout. As such, the ECB postulates that a bank holiday in Cyprus will be extended to the end of the week, coupled with a public holiday on March 25. In essence this leaves policy makers off the hook as they means don’t need to vote on whether to extend or halt Emergency Liquidity Assistance (ELA) to Cypriot banks at their mid-month meeting in Frankfurt, which starts today and ends tomorrow.

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Mar 20, 2013

Forex: GBP/USD pares gains to trade at 1.5128/31

The GBP/USD has careened off the 1.5188 (intraday maximum) level Wednesday during US trading, ahead of the Fed interest rate decision at 18:00 GMT. The recent weakness of the pair has led to a paring of the majority of gains, though the cross still operates in positive territory up +0.23%. In these moments the GBP/USD has settled at 1.5128/31, after a fall back below its first resistance.

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