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HONG KONG (MarketWatch) — Asian stocks rallied Monday as news that Cyprus and its international lenders reached a bailout agreement removed fears of the nation’s exit from the euro zone, also helping boost U.S. equity futures, the euro and crude-oil prices.
Under the broad terms of the bailout agreement, Cyprus will receive 10 billion euros ($13 billion) in bailout funds for its banks, while depositors holding less than €100,000 in their accounts will be spared from any deposit taxes.
Bopanha ( Date: 25-Mar-2013 11:27) Posted:
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SJ-Stomp ( Date: 25-Mar-2013 11:05) Posted:
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Chai, jing jing. Si teung ha pee. Chan kid wa man samarht.
Yes, really, 4 to 5 years. I think it can.
GorgeousOng ( Date: 25-Mar-2013 10:39) Posted:
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Isolator ( Date: 25-Mar-2013 10:41) Posted:
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Really?
di chan waa yaao mark!
I think it is too long!
Bopanha ( Date: 25-Mar-2013 09:24) Posted:
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Last-minute deal resurrects Cyprus bailout
BRUSSELS: EU and IMF officials struck a last-minute deal with Cyprus early Monday to resurrect a bailout for the island -- but one banking chain goes to the wall and major clients, who include many Russians, will take a giant hit.
Final backing was received at around 0100 GMT, 12 hours into marathon talks for President Nicos Anastasiades with EU, ECB, IMF and eurozone leaders, with Cypriot President Nicos Anastasiades saying he was " content."
Earlier, Anastasiades had indicated a breakthrough after hours of gruelling talks Sunday evening, as a deadline for the withdrawal of European Central Bank financing loomed.
" Efforts have culminated," he posted on Twitter.
Soon after, EU sources announced that eurozone finance ministers had given the deal their approval.
The agreement involves breaking up the island's second largest lender Laiki (Popular Bank).
And the Bank of Cyprus, the island's No.1, will take a major " haircut" -- a forced wipeout of investment value, on all deposits of more than 100,000 euros.
The Bank of Cyprus, with one-third of all holdings, survives, but at a massive price for investors -- and the bank holds most of the island's offshore Russian deposits.
But the new agreement backs off from last week's collapsed deal to hit all savers in all banks on the island.
Smaller account-holders will be covered by the EU's deposit guarantee legislation, which runs to the 100,000-euro threshold: it is those above that level who face big losses overnight.
As the crisis unfolded last week, Russian leaders refused to cough up fresh aid or extend a 2014 repayment date on an existing 2.5-billion-euro loan to Cyprus.
Both banks stayed closed and by the end of the week had cut cash machine withdrawal limits to as low as 100 euros per day.
The negotiations were aimed at pulling together some seven billion euros, mainly from the Cypriot banking sector, to unlock a 10-billion-euro ($13-billion) loans package first agreed nine days ago.
A major sticking-point throughout the talks was the ECB's demand for the Bank of Cyprus to pay a nine-billion-euro Laiki bill due to Frankfurt, which appeared to have been accepted.
" We will do our utmost for Cyprus," the president had said via Twitter going into Sunday evening's talks.
Anastasiades met first with ECB head Mario Draghi, IMF managing director Christine Lagarde, EU president Herman Van Rompuy, European Commission head Jose Manuel Barroso, Eurogroup chair Jeroen Dijsselbloem and the economic affairs commissioner Olli Rehn.
Sources at the presidential palace in Nicosia told state media that at one point the Cypriot leader's frustration boiled over during the talks.
" Do you want to force me to resign?" the Cyprus News Agency quoted Anastasiades as telling the bailout bosses.
The crunch talks in the snow-covered Belgian capital were called after the ECB threatened to halt life-support funding for Cyprus on Monday if there was no deal.
The banks in Cyprus are due to re-open on Tuesday after a 10-day shutdown.
End " casino economy"
Earlier, French Finance Minister Pierre Moscovici had argued that Cyprus's eurozone partners needed to see a " just" contribution from major, often international depositors.
It was time to put an end to " casino economy" practices on Cyprus, he insisted.
German Finance Minister Wolfgang Schaeuble also argued that the Cypriot government needed to adopt a " realistic" view, and deliver their end of the deal first agreed the previous weekend.
And EU economics commissioner Olli Rehn warned over the weekend: " There are only hard choices left."
The volume of Cyprus sovereign aid is a pittance compared with Nicosia's closest ally Greece, which needed hundreds of billions in the eurozone's first bailout, which started almost exactly three years ago.
But the worry among some leaders and economists was that fallout from the Cyprus crisis could spread to other troubled economies such as Spain and Italy if a deal was not reached.
-AFP/ac
Peter_Pan ( Date: 25-Mar-2013 08:55) Posted:
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GorgeousOng ( Date: 23-Mar-2013 18:42) Posted:
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tanglinboy ( Date: 25-Mar-2013 07:25) Posted:
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Look like STI is going to follow Japan, China and HangSeng...
Opened lower Monday...red red. (Tuesday STI green green...)
On fallout over a plan to fund a $13 bil Euro bail out plan for Cyprus in part with taxes on that nation's savings deposits.
The unpopular proposal riled up savers - such a tax could spread beyond the island nation to the rest of Europe.
If Cyprus' parliament doesn't approve package in a vote Tues. It could spiral toward default with wider implications for the rest of Europe.
Cyprus ministers were already floating revised tax plans early Monday that would exempt savers with deposits under 20,000 euros, or about $26,000. The tax is weighted toward deposits higher than 100,000 euros or about $130,700, Reuters reported.
With many Russians depositors. President Vladmimir Putin reacted angrily, calling the tax proposal " unfair, unprofessional and dangerous."
The govt worries about a run on the banks when they reopen Tues after Monday bank holiday.
The AP reported that residents had already emptied out ATMs.
let's guess will sti turn red or green tomorrow..
LOL
teeth53 ( Date: 24-Mar-2013 13:06) Posted:
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Still occasionally, there is distractor from Euro banking n financial bankruptist states, fiscal cliff and others...B4 n during month of pre-May 2013. There after come the sun shine....n stk (chion) on windows dressing.
teeth53 on sharing my thot,
(Note- as there is as many may differentiate in opinion view, it good to post alternative view).
Peter_Pan ( Date: 23-Mar-2013 18:12) Posted:
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Read in ST paper, it mentioned - Myanmar, it's seem totally well behave with the military General in control.
Now Myanmar - It's seen as each and everyone wanted to hav a say...especially when civilian is in control.
So Myanmar stk after pumping, pump n pump nand pump, now abit wayang....just trade with care hohh.
Just promoting n sharing stk/shr trading interest in SJ.
iPunter ( Date: 23-Mar-2013 18:50) Posted:
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China, Chinese economy is at the start of what will be likely a dramatic transformation - rebalancing with the new chief. Mr Xi and his 2nd in command in charge...away from credit-intensive focus to greater consumption growth.
Yuan opening up to international liberalisation will deepen the chinese equities market. Allocation of more credit likely shift to small and median private enterprises.
In China " great re-balancing" , will see consumer and retail stocks be the obvious winners as govt seeks to raise the household share of gross domestic product (GDP) for economic and social reasons.
China Chinese central govt's own debt-to- GDP is modest, it a source of strength and policy will continue to be flexible for China. Investors with a longer-term view should consider buying then selling into correction.
News from DBS - Wealth mgt and private banking grp.
GorgeousOng ( Date: 23-Mar-2013 18:42) Posted:
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That's certainly possible... the market is still far from tired...
but not all stocks will rise though...