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25 March 2013
CYPRUS / IMF / ECB / EU / RUSSIA : 26 Mar UPDATE: Cyprus Submits; Insured 100K Depositors Escape Pain; Laiki Becomes 'Bad Bank'; Troika Requires Reforms; Russians Take Painful Hits; New 'Bail-In' Plan; Slovenia Feels The Heat.
Cash is still king in Cyprus...until Thursday when banks reopen...after being shuttered for 12 days.
And...afterwards, too...as some capital controls will be kept in place.
Currently...many ATM withdrawals are limited to 100 euros.
Officials want to avoid runs on the island's banks.
Early Monday...10 hours of frantic negotiations yielded approval for a needed 10 billion euro bailout...that may relieve only small Cypriot savers...but pleased the powerful Troika...ECB/ IMF/EU...and, of course, Berlin, Helsinki and Amsterdam.
Russia's aspiring oligarchs and small businesses...and those with uninsured savings over 100,000 euros will soon feel real pain...as the island's 2nd largest bank Laiki/Popular...is morphed into a 'bad bank' holding all toxic assets/Greek bonds...and frozen funds over 100k euros...with a sizable penalty to be determined...perhaps up to 40%.
But all small insured savers escaped any tax...with their accounts forced to moved to the Bank of Cyprus.
The raid on Laiki Bank...and Bank of Cyprus uninsured savers will deliver 4.2 bn euros...but also end jobs for some 8,000 workers.
The island's Greek Orthodox Church claims it will lose more than 100 million euros in the wind-down...and lay-off workers.
Nicosia now must painfully downsize an offshore banking and financial industry it has built-up for decades, agree to privatize some state businesses and enact budget reforms.
With the new deal...its president says Cyprus escaped...a 'disastrous exit' exit from the Eurozone.
Russian PM Medvedev called the proposed savings losses...'stealing'.
But Russia has agreed to restructure its 2011...2.5 billion euro loan.
The bailout must still be voted on by various Eurozone parliaments.
The Troika has a new tougher approach on restructuring troubled banking sectors...called a 'bail-in.'
It means that banks in Malta, Slovenia, Estonia and Luxembourg may soon be under the microscope...and Troika's gun.
!!!NEWEST!!! Slovenia's banks...and pols...feel the Cypriot heat!