Wow. EU steals 10% of bank deposits in exchange for bailout

Quote from StarDust9182:

Isn't Japan already in an all-out currency war with the Euro?
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I would say Japan has been in a regional currency war with the Chinese via the $USD. The EU has been resistant to debasement to this point.
 
Quote from clacy:

I would say Japan has been in a regional currency war with the Chinese via the $USD. The EU has been resistant to debasement to this point.
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It's a "war" they've been losing since five years ago USDJPY was above 120 and JPY has outperformed almost all currencies over that period. I don't know why it took Japan so long to weaken their currency.
 
Quote from clacy:

I would say Japan has been in a regional currency war with the Chinese via the $USD. The EU has been resistant to debasement to this point.
More...

Absolutely true, but remember that the big trading partner for China is Europe (in Euros), not the US. That is the sideswipe of the US policy at China. I think China fought back using commodities but that appears to be over for the moment.

The main war is among the big three currencies, Yen, USD, and Euro. Other countries ( China) are hit by the big 3 impacts through import/export and inflation/deflation.

Curious that Japan has started this strategy. The US FED must know what is happening. I don't yet understand why the silence.
 
Quote from StarDust9182:

Absolutely true, but remember that the big trading partner for China is Europe (in Euros), not the US. That is the sideswipe of the US policy at China. I think China fought back using commodities but that appears to be over for the moment.

The main war is among the big three currencies, Yen, USD, and Euro. Other countries ( China) are hit by the big 3 impacts through import/export and inflation/deflation.

Curious that Japan has started this strategy. The US FED must know what is happening. I don't yet understand why the silence.
More...
because both europe ande usa need a strong Japanese economy. True, we need a weaker currency, but both eur and usa have more pressing problem and it is a win,win,win at the moment for all of us to get japan back up and running again. I'd hardly call it a currency war.
 
The Fed has the printing press, they have no problem to generate liquidity while Cyprus doesn't have her own printing press. It belongs to someone else. one way to get it is from "her own people"
 
Quote from HeSaidSheSaid:

The Fed has the printing press, they have no problem to generate liquidity while Cyprus doesn't have her own printing press. It belongs to someone else. one way to get it is from "her own people"
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oh yes, the argentinian solution destroy the middle class.
 
The US has been in recession for a decade or more-but it's worse than that-it is trading illegally as it is insolvent-it does not have the means to meet its debt obligations.
Any normal business borrowing such staggering amounts relative to GDP would have lasted about 6 months.
 
<B>Capital Controls imposed:</B>

• Restrictions in daily withdrawals
• Ban on premature termination of time savings deposits
• Compulsory renewal of all time savings deposits upon maturity
• Conversion of current accounts to time deposits
• Ban or restrictions on non cash transactions
•<B> Restrictions on use of debit, credit or prepaid debit cards</B>
• Ban or restriction on cashing in cheques
• Restrictions on domestic interbank transfers or transfers within the same bank
• Restrictions on the interactions/transactions of the public with credit institutions
• Restrictions on movements of capital, payments, transfers
• Any other measure which the Finance Minister or the Governor of Cyprus Central Bank see necessary for reasons of public order and safety

@FGoria Fabrizio Goria
ECB's Demetriades warned that today is the fate of Cyprus, and whether it will remain in the Eurozone or not in parliament - Mega TV

<img src='http://i.telegraph.co.uk/multimedia/archive/02096/wolfgang_2096193c.jpg'>
Wolfgang Schauble, Germany's finance minister
 
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