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The situation continues to develop as comments from EU officials and Cypriot politicians fuel market speculation. Sources for many rumours are unclear leading to speculation and confusion as to what the current situation is. The banks remain closed in Cyprus and the final terms (not yet known) are still required to be ratified by a Cypriot government. The Cypriot coalition has only recently taken office and the required majority for a vote might not be met. Market chatter has beg…

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Today’s trading has been fuelled by speculation, rumour with only brief new detaisl. It is clear that the initial announcement on Saturday caught many investors off-guard, however little clarity has emerged since then. As currently stands Cypriot banks will be closed tomorrow (Tuesday) and potentially remain closed on Wednesday and Thursday. The parliamentary vote to ratify the bank deposit haircut has been postponed, to give politician’s time to renegotiate the EU Deal.…

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To the surprise of analysts it was announced over the weekend that as part of the bailout agreement, Cypriot bank deposits would be imposed with a levy, or a so-called tax. The bailout terms are harsh in comparison to many, with the unprecedented terms effecting individual investors directly. The situation is fluid, and the initial terms of the “tax” are rumoured to have changed, with government officials in discussion on how to move forward. Today and tomorrow are now bank holid…

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