This morning, it was announced that a vote in the Cypriot parliament on the bailout deal hatched with the EU over the weekend will be postponed until Tuesday. The deal contains a haircut on depositors – meaning those with deposits in the bank have to pay for part of the bailout, directly out of their accounts, right away.
A few days ago Spain was purportedly going to need another €30 billion to €70 billion to recapitalize Spanish banks. I suggested the amount would be at least triple that and it did not take long to do so.
Yahoo! Finance reports Spanish bailout could reach 100 billion euros
A bailout for Spain's teetering banks, once requested by Madrid, could amount to as much as 100 billion euros, two senior EU sources told Reuters on Saturday.
Financial technology — known more commonly as fintech — is attracting a lot of attention globally. Fintech companies provide technologies that aim to disrupt the financial services industry by making financial products more efficient and more widely distributed with lower overhead costs.
By Sammy Pollack:Late Saturday, eurozone leaders announced a plan to lend Spain up to $125 billion in an effort to stabilize the Spanish banking system. So far, the global markets have responded very well to the news. As I write this, Japan's Nikkei is higher by more than 2%, the euro (FXE) is higher by nearly 1%, and U.S. equity futures are sharply higher.