Cyprus banks remain closed to prevent bank run on deposits

Profit-Blog
Cyprus has opened up a new “can of worms” for the ECB and all Euro nations. The ECB along with IMF have imposed their new structures, German taxpayers paying the bill for bailouts along with possible new banking structures for future bailouts. The losers on these new structures, Cypriot citizens, outside Russian investors and Cyprus businesses seeing a loss of incoming investment money flow. Traders are questioning which nation is next on the “block” for the new measures..Spain, Portugal, Italy and even France. At present it is the battle of economies U.S., China vs Europe and whether there will be real growth..or will “stimulus” injection be the key driver for economies. The long-term view, inflation is on the rise as we see investors looking at alternative options such as the ‘safe-haven’ assets..precious metals. Overall, 2013 theme as it was in 2010 “uncertainty” continues to dominate the markets.

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