Ad Majorem.....Wealth Builders
From MoneyNews | March 21, 2013
European Central Bank threatened to cut off temporary liquidity to Cyprus bank unless an IMF sponsored bail out is presented. Banks continued to be closed and stock market closed in Cyprus. The deadline for the Cyprus govt would be until Monday.
Earlier, the legislators proposed a compulsory tax on banks to shore up the state sagging finances.
In case of Cyprus collapse of financial system, the deposits that banks sought to protect would be lost; and there would be extreme devaluation and Cyprus would have no recourse except to devalue. Such problem to Cyprus banks occurred because of exposure to Greece banks. Russians have many deposits in Cyprus banks.
What would happen? Would Cyprus govt come out with bail out plan until Monday?
Is the EU situation getting any better?
How would this event affect the PHL, PHL OFW?
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