Currencies  |  March 21, 2013 13:12:35

About raj less tax

Earlier this week, we've been writing analyze titled Tax War, where we indicated what is happening, what are the interests of the various parties, and what are the options. Although the negotiations are difficult and time is derived mainly whirling dust your media (most of the terms, for this week was overthrown), nevertheless we see more things in the whole world.

The first major step on the board the rejection of taxation of deposits of the Cyprus, Third Smallest what this economy has done so flatly that eurokratom in Brussels, and immediately began to stray skloňovať solidarity and odmietali that wanted to tax the little depositors. No, it certainly does not, it would be im not even imagined in a dream. Cyprus has applied a point and sent Treasury hopes to Moscow. Moscow has an interest in this matter, as part wants to receive money from the Russian tax evasion (of geopolitical interest-not to mention).Cyprus, therefore, made a very bold step and proposed equal to Moscow, he shall take leave to 20 30% of the Russian deposit into the box from which the gas in the future will probably jet silver and behold cyperské banks (minimum managerial chairs in those key). Just let it someway we save and let the nezdaňujú local deposits, because otherwise people Consider Nicosia attacks. However, this is not so simple, since Moscow has with Cyprom covenant that can not tax the rich flax Russians and not the other (bilateral investment treaty). The investment agreement was, therefore, is that these countries have with each other (one has 141 million inhabitants, the second 1 million) The largest (or at least keywords) Tej investors in another. Include investments are likely to behold loans cyperské Russia, which uses this situation and wants to delay their maturity and lower interest rates.That's why even zaspiatočkovala Moscow and Cyprus gamble he came out. Remains us stalemate situation and it is necessary to obtain time.

Was again to move the EU. The ECB said that the emergency liquidity cyperské banks have only until Monday. Then nepožiadajú and EU for help, you can seek liquidity else. Without it, banks are insolvent. Then, however eurokomisia usmiala and even offered to small savers saves. But maybe Daco dodaniť, deposits are too large. At the same time she said that Cyprus is an important partner and that he knows can help, but they must be responsible. And obey. Then she added that Cyprus is certainly systemic risk. It gives us another two clues. Cyprus can not fall, will remain in the euro area and the EU is already a really extremely fragile and Eurocrats are very scared.Mark third smallest member of the EU for systemically dôležitého (although the banking industry is large, the volume of its assets is less than the amount of aid the first Greek package) is already really strong coffee.

Cyprus and understood today, he said that all the solutions which were negotiating Include continuance Cyprus in the eurozone. And still being discussed in Moscow, where a large business talks underway after as Russia said that another loan (already before the time provided € 2.5 billion) fails. There may be talk of plynovom bearing and the result could be a solution that Cyprus would pass right to his field of gas and got cash, which can be used to rescue the banks. The team got to falls would be part of the means and the question would have sounded just how many billion would then still have to gain from taxation deposit (smallest will likely be spared.)Because Brussels (and Berlin) clearly wants to draw on the vast deposits that are not already avoid the standard duty and on (or is it prepraté black money). This is a condition which is not negotiable, it is given. € 5.8 billion must be obtained from your pocket Cyprus. Will we see the likely solutions that Cyprus, assisted Russia obtained funds from the deposit and gas comes into the EU and the rest of the positions. Everything will be saved, but the debt of Cyprus rises to the level of 120 140% of Greek GDP. A second page will come coin, raising taxes and reform. And it will be less of a tax paradise, Cyprus ends. A Brussels win. Taxpayer While this will cost a lot of money, but eventually will nevertheless be able to pay higher taxes.It is very likely that the mouths comes a week after the start of the crisis, this weekend. By Monday predostreté should be the final solution. A final well for low taxes on Cypre.

Today's trading was marked mainly prepadom euro, received three wounds. Moreover cyperských two (Russia can not make another loan, ECB liquidity stops Monday) even very weak PMI data from the eurozone, especially Germany greatly disappoint. After a relatively good Spanish auction, we have seen a lull erasing part of the losses also shares the euro (the blue graph). Gold (in black on the graph), while failed to snap upward, but it hurt even relatively jastrabejšia speech FOMC.

USA Today present themselves to support new applications and especially the sale of existing home where a pending achievement of the 5 million home, which the U.S. had not seen since July 2007. Furthermore, we wait Philly Fed Survey (better result than in January) and leading indicators (also better results than in January). It is possible that if it goes wrong Cyprus, they could help the U.S. data aktívam higher risk.

Author: Thomas Swimmer | TRIM Broker, as | Trading on exchanges TRIM Broker

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