Investiční bankovnictví (Komerční banka)
Markets  |  March 22, 2013 15:54:00

Greece saves Cyprus


Greece saves Cyprus. Although it sounds incredible, agreement on takeover divisions Greek Cypriot Greek bank financial institutions could eventually help to resolve the situation. Division expressed interest in at least two major Greek banks. At least, this step could improve the position of banks island state to increase their solvency and allow to draw funds from the liquidity-providing (ELA - Emergency Liquidity Assistance) from the ECB, which yesterday threatened to lines of credit are closed on Monday, when the Cypriot banks improve their solvency. On the other hand, negotiations with Russia ended in failure, the Cypriot Minister of Finance failed to agree on easing of repayment of existing debt of $ 2.5 billion. Minister nor convince Russian companies to invest in the Cypriot economy, and Russian banks have refused to participate in the rehabilitation of the local financial institutions.The Russians have no interest nor the natural gas reserves in Cyprus' shores. Over the weekend, they will continue negotiations. Cyprus must raise 5.8 billion euros, to get help from the eurozone and thus avoid its bankruptcy.

Events around Cyprus is the main attraction of investors in financial markets. The reports on the agreement between Greece and Cyprus we have seen positive reaction of stock exchanges, which have umazávaly their losses. Profits attributed to the euro and slightly plus ended Friday's session as well as regional currencies. Czech crown firmed at the end of the week below 25.80 CZK / EUR. For the week, but depreciated against the common European currency, 0.85% and its losses were so deepest of all other regional currencies. This development helped by the realization of the set stop-loss orders, which amplified losses of the Czech currency.

Maďarkému forint, which is also held Friday afternoon near the end of Thursday, preventing the more significant earnings statement credit rating agency Standard & Poor? With which worsened outlook rating to negative obligations and warned against reducing the signs of credit rating due to recent changes in the central bank and the judiciary.

Start the new week will undoubtedly be affected by the weekend negotiations on the Cyprus salvation. Since its outcome will also depend on the mood in the markets and investors' willingness to enter into riskier assets. The home environment is the most watched meeting of the Czech National Bank, which will be held on Thursday. Significant changes in the rhetoric of central bankers and evaluation of the economic situation expected. Since last CNB meeting, held in early February, accumulating more anti-inflationary risks.Consumer inflation in February was 0.3 percentage points below the CNB forecast a GDP growth in Q4 12 was also 0.3 percentage points below the CNB forecast. But it is likely that central bankers will evaluate the overall risks to the previous forecast, just as slightly downside. With interest rates at zero technical we can count up to the moment appears significant inflationary pressures. And it should be at least the end of 2014. Foreign exchange intervention in our opinion, currently threatened. You would CNB used only if there are deflationary pressures. And from this point of view it is not important whether the trigger is too strong Czech koruna, decline in inflation expectations, a deeper crisis in the eurozone or even exit from the eurozone Cyprus and widespread concern about the fate of other European economies.


Author: Miroslav Frayer

Tyto zprávy pro vás vytváří Investiční bankovnictví KB.
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