The two most important news items today are: – that the Cypriot parliament rejected a levy on holders of bank accounts, which was otherwise negotiated by the EU, the ECB and the IMF; – that the ECB despite the deviation stands firm to guarantee liquidity to the Cypriot banks if they meet the solvency requirement (may soon be a major problem). With respect to Cyprus our macro-economists state: – there is now a need to make some fast decisions, and the banks will probably remain closed until an
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EURUSD lower on news of Cyprus