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Currencies  |  March 19, 2013 12:56:35

Run on banks to halt the problem will


iPoint.cz Growth markets Apple could smother up

Situation in Cypre yesterday sadly frightened U.S. equity traders, which for the second day they sold shares. Situation on the small Cypre because in future may cause major problems throughout the financial sector. No more than yesterday declined financial sector, which lost 0.92%. The profits could only conclude Telecoms and growth through shares of company Verizon. Technology sector is closely clipped AWARD in profit. Neither the growth of Apple shares to 2.67% in anticipation of higher dividends sector failed to print up. Yester cocktail stock: Dow Jones -0.43% SP500 -0.55%, Nasdaq Composite -0.35%.

Run on banks in the euro area, the problem will cease

Situation about Cyprus has the potential to complicate the situation sadly. And because the taxation deposits to 100 thousand. euro can trigger a dangerous precedent for other countries also. Well it summed up Paul Donovan, global strategist at UBS: "I think the euro will survive. Although I think it should not arise at all, no politicians have invested into it too much. Underestimated but what is fact can be dangerous as runes to depositors Bank. When it starts to run once such, it is very, very difficult to stop. People do not behave rationally. example we saw in 2008 in the UK, when people began to collect deposits from the bank Northern Rock and this despite the fact that the deposits were in fully guaranteed by the British government that can push your money.I think that Europe is beginning to realize that you may get Cypre mistrust genie from the lamp, and when it will be out, it will be very difficult to revert backward. Is started may run on the banks, which may be spread across the euro area.

Deposits Peripherals long ago they leave

Despite the fact that the program countries like Greece, Portugal or Ireland occurred in no losses to depositors, deposits decline in these countries is quite significant. So also in Spain, lost depositors with the bank's difficulties confidence in the safety of their deposits. Growth of peripheral countries seemed good flax Italy and minimal. So a tax on bank deposits, even over 100 thousand. euro may run another cast deposit, which can be very dangerous. Deposits in banks serve largely to fund loans.Without a deposit and an economic growth that is still missing periphery, or will not come about.



Cyperská theft

For daily Guardian reporter Aditya Chakrabortty also summarized in simplest form development Cypre: The explanation about what Europe and the IMF have made Cyperčanom, needless none economist. All of us can imagine what it is inconvenient to get up in the morning and find you've been burgle. In the previous four rescues troubled eurozone countries, aid differed only in detailoch restructuring and consolidation. The Cypre but needs immediate nationalization 10% deposit in the accounts of some clarification. The official representatives may be called a bail-in, but everyone else agree to yester subtitles Daily Mail: It's theft.

Improve Crisis Response complacency

Such a step in a country with only 1.1 million inhabitants and GDP at 0.2% of the entire product area, can trigger a tremendous tsunami. If you still depositors find that neither the State guaranteed deposits are not guaranteed, may have a financial system is a big problem. As shown in the following chart of Morgan Stanley, first must come to any great problem, and then comes to its resolution. First they had to escalate problems of Greece, requiring them to begin to resolve. Consequently, even though everyone knew that Ireland and Portugal have a problem, bring to the boil things had to be there as well. Followed by a second aid to Greece associated with the response in the form of LTRO. Once you have got to ventilate Spanish banks had finally come to Draghi emotívnym expression of the ECB will do anything to euro continued. Now we have two new problems.Italian politics and theft cyperská day. Let the politicians who escalate tensions will come up with some solution? As shown in fact there is probably worse options. First rejection problem, then several summit meetings long into the night and finally a solution.




View on today

Today should vote on rescue cyperský Parliament. President for approval does not have enough votes and he openly admitted that the conditions of salvation with tax on deposits they pass. Remain open to talks with Moscow as well Berlínom, so shall also the Cyprus today in the heart of the action. The uncertainties should capitalize Swiss franc, the British pound as well as the dollar.

Author: John Benaki | TRIM Broker, as |Trading on exchanges TRIM Broker


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