euro retreat as Cyprus deal stirs unease
NEW YORK (Reuters) Global equity markets and the euro retreated on Monday buy canada goose jacket after a senior euro zone official said the Cyprus bailout reached earlier could Canada Goose online be used to shape other Canada Goose Online regional banking problems by shifting canada goose store more risk to depositors Canada Goose Jackets and stakeholders.
The Cyprus rescue is forcing depositors and bank bondholders to bear losses, a deal that could become a template for future bank restructurings in the euro zone, said Dutch Finance Minister Jeroen Dijsselbloem.
we done last night is what cheap Canada Goose I call pushing back the risks, Dijsselbloem, who heads the Eurogroup of euro canada goose coats zone finance ministers read more here canada goose sale https://www.canadagooseparks.com , told Reuters and the Financial Times.
Cypriot policymakers reached an 11th hour deal with the European Union, the European Central Bank and the International Monetary Fund to shut down the country second largest bank in return for $13 billion canada goose factory sale in cheap canada goose uk rescue funds.
While the bailout will avert a collapse of the uk canada goose Cypriot banking system and keep Cyprus within the euro zone, the agreement set canada goose uk outlet a painful precedent for the region.
Dijsselbloem later said in a statement that rescue plans are canada goose tailor made for each situation and no models or templates are used.
The euro slid more than 1 percent against the dollar and hit a four month low, after having initially risen on the Cyprus deal.
critical issue remains that Canada Goose Outlet of precedent for larger euro zone countries, and the way in which the Cyprus situation has been managed does not seem to inspire a great deal of confidence, said Ilya Spivak, a currency strategist at DailyFX canada goose uk black friday in New York.
Equity markets moved similarly Canada Goose sale to the euro, rising initially on Cyprus rescue, only to then Canada Goose Coats On Sale fall as the details of the deal stirred fears.
The deal canada goose black friday sale will inflict heavy losses on depositors, including wealthy Russians, on deposits of buy canada goose jacket cheap more than 100,000 euros, which are not guaranteed under EU law.
The Dow Jones industrial average set Canada Goose Parka another record intraday high and the S 500 index rose to be less than a point away from its record close before quickly retreating, helping to uk canada goose outlet pull European equity markets lower.
Italian blue chips extended losses with traders citing speculation of a possible downgrade of Italy’s sovereign debt by rating agency Moody’s.
The euro fell as low as $1.2830 and last traded at $1.2856, down 0.98 percent for the canadian goose jacket day, according to canada goose coats on sale Reuters data.
Depositors in Cypriot banking institutions must contend at best with capital controls locking up their money, Spivak said. At worst, they may lose as canada goose clearance much as 40 percent of their holdings.
raises an important question: Why should a depositor in any canada goose uk shop euro zone country similarly vulnerable to a banking crisis expect to be unscathed if a Cyprus like calamity were to befall them, Spivak said canada goose clearance sale.
