LONDON — Cyprus’ bailout deal is the fifth agreed on so far in the 17-strong group of European Union countries that use the euro since the debt crisis began in late 2009.
Here’s a look at the rescue programs:
In a surprise but welcome move, the ECB Shifts View on Bond Losses.
The European Central Bank, in a sharp turnaround, has advocated imposing losses on holders of senior bonds issued by the most severely damaged Spanish savings banks, though finance ministers have for now rejected the approach, according to people familiar with discussions.
Here is a note regarding capital flight in Spain and Greece that I received via email.
Capital flight has intensified to record levels in Spain but interestingly leveled off in Greece. Capital flight from Greece is expected to resume when next reported given statements by the Greek president.
The original source of this information appears to be Credit Suisse AG.
Spanish private Sector Deposit numbers dropping at a faster rate
it has been a rather quiet session, which saw Japan modestly lower dragged again by a lower USDJPY which hit fresh 17 month lows around 170.6 before staging another modest rebound and halting a six-day run of gains; China bounced after a slightly disappointing CPI print gave hope there is more space for the PBOC to ease; European equities rose, led by Italian banks which surged ahead of a meeting to discuss the rescue of various insolvent Italian banks, while mining stocks jumped buoyed by rising metal prices with signs of a pick-up in Chinese industrial demand.
he Markets Call “BS” on Draghi’s Promise In 2012, ECB President Mario Draghi, pulled the EU back from the brink of collapse by promising to do “whatever it takes” in the summer of 2012. Since making that promise, the two biggest problem countries for the EU, Spain and Italy, have both seen the yields on their bonds fall. Draghi’s promise also lit a fire under EU stocks, with Spanish, Italian, and German markets roaring higher.