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Wednesday, March 20, 2013

Cyprus says: Thanks, but NO thanks

What now? Plan B anywhere?

EuroZone said: Here's 10 bln. for you. You need 6 bln more, that you collect from deposits with your banks. I 've done my bit. Nice to have known you, bye!

Links
Felix Salmon at Reuters comment and Schumpeter at THE ECONOMIST don't much believe there is a Plan B
Dimitry Afanasiev at the FT says that Russia should chip in the missing 6 bln
Clive Crook at Bloomberg View sees a bank run when banks open eventually. So,  the "damage is done"
Zsolt Darvas of Bruegel thinks that "At stake are nothing less than a complete meltdown of the Cypriot banking system and a possibly uncontrolled exit from the euro area."

For a much more comprehensive view, as always, here is Martin Wolf at the FT 

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