Vladimír Urbánek (Kurzy.cz)
Markets  |  March 20, 2013 10:14:28

Cyprus: What next for a parliamentary veto? Another summit EUROFIN and finding new solutions, bringing Russia

Cyprus parliamentary veto proposals blanket extraordinary bank tax returns throughout Cyprus problem basically the beginning. The tips of the euro area will again have to look for a solution of the problem.

Luxemburská Finance Minister Luc Frieden urged to convene as soon as possible the next summit of finance ministers eurozone member states in order to seek and offer another version of the solution.
The ECB will also consider its next steps, the ECB had previously stated that it is ready to supply the necessary liquidity to Cypriot banks in complying with the usual rules of such assistance.

According to Frieden yesterday's veto is not a good signal for Cyprus or even for the whole euro area. Important now be in his words, to do everything necessary to ensure the stability of the eurozone.

The representatives of the Troika (ECB, IMF and European Commission) now in Cyprus negotiate additional options of capital controls and the extension of bank holidays until the end of this week. Initially, the bank should be open early yesterday or Thursday.

According to German Finance Minister Wolfgang Schaeubleho Cyprus is a totally "unique case" and should not be seen as a precedent for the fate of deposit in other euro area countries. According Schaeubleho taken adequate preparatory measures, the Cyprus crisis had no negative effect on the rest of the eurozone. Offer to help Cyprus in his words, it lies on the table and is still in force.

Cyprus intensify negotiations with Russia, which had previously popular tax havens assistance. Cyprus has reportedly Russia in exchange for helping the sale of two major banks for a symbolic € 1.

Related news:
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- The Cypriot Parliament rejected a blanket bank tax
Tuesday, 19.03 - The infamous end of the famous tax haven in Cyprus?
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Kypr: Co dál po parlamentním vetu? Další summit Eurofinu a hledání nového řešení, zapojení Ruska

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