TITLE

Be warned, the shockwaves from Cyprus could yet be felt here

AUTHOR(S)
CORMAC LUCEY
PUB. DATE
March 2013
SOURCE
Daily Mail;3/30/2013, p25
SOURCE TYPE
Newspaper
DOC. TYPE
Article
ABSTRACT
THE Troika's Cyprus deal is a game-changer. Having insisted that Ireland must spend money to prevent senior bondholders or depositors from losing any money at our banks, the Troika has signed off on a deal forcing heavy losses on depositors at some Cypriot banks. We can get a sense of the shock they may now face from a comment by Cyprus's finance minister. He was reported by the Wall Street Journal saying that uninsured Laiki Bank depositors could face an 80 per cent haircut! Such heavy losses coupled with the imposition of capital controls means the end of Cyprus as an offshore banking centre. Officials may say that capital controls are temporary. But the case of Iceland shows that capital controls can be sustained for a prolonged period. Capital controls are still in place there five years after its banking system collapsed.
ACCESSION #
86437025

 

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