The Cyprian banking system, like all banking systems today, is a fractional reserve system.
Cyprian depositors are currently lining up at ATM machines to redeem what is rightfully their money.
Cyprian banks are undercapitalized, so central bankers and politicians want to respond by taxing depositors.
The risk of contagion is limited, with a possible Cyprian EMU exit as the major tectonic move in the horizon, then.
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With the battle lines set in the sand, it will be Moscow, and Cyprian President Anastasiades that call the next shot.
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Edward Reeve was playing billiards with Cyprian Splaine of Liverpool, a swashbuckling scholastic who was good at whatever game he took on.
The Cyprian banking system is a mess and will likely be restructured.
The core issue is that the Cyprian banking system, in fact the whole Eurozone banking system was and is an accident waiting to happen.
The Cyprian financial flare up managed to put a dent in an incredible rally in stocks that saw U.S. markets hit record highs recently.
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The Cyprian people will take a hit, as have the populations of every country that had to be bailed out in this never-ending European sovereign debt crisis.
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It has drawn the battle lines and will keep to its game plan, with Bernanke banking on the Cyprian crisis as evidence that unexpected exogenous events can impact the U.S. economy.
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In the extreme, Cyprus could exit the Eurozone, convert over to a new currency and then Cyprian bank depositors, Cyprian creditors and the Cyprian people en masse will all be trashed when the Cyprian government devalues the new currency.
Although the purpose of the pope's visit was the beatification of Father Cyprian Iwene Tansi, papal officials leaked the information that he had given General Abacha a list of some 60 political detainees with a plea for their release.
In a New York Times opinion piece entitled A Bank Levy in Cyprus, and Why Not to Worry, Andrew Ross Sorkin assured his readers that far from Armageddon the Cyprian banking crisis is unique and therefore nothing to worry about.
There is even more cause for worry, something that makes the Eurozone banks, whether they be Cyprian, Spanish, Italian or even German, more prone to a bank run then say the banks in the US, UK, Japan and heck even in Zimbabwe.
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