Cyprus banking crisis update, Cyprus Faces 'Do Or Die' Moment As EU Ups Pressure, Cyprus authorities are racing against time to cobble together an alternative plan to raise EUR 5.8 billion by Monday, as demanded by the EU in return for a EUR 10 billion-lifeline. The Parliament is expected to begin debate on Friday on a bill that would help the government to find the money needed to unlock the EU-IMF aid
Meanwhile, OECD Urges China To Deregulate Interest Rates, Open Up Markets, The Organization for Economic Cooperation and Development on Friday said China should initiate reforms to ensure a fourth decade of rapidly converging living standards and a greener economy. The Paris-based OECD called for deregulating interest rates, opening markets governed by state enterprises to competition and boosting the supply of new building land in high cost areas
Cyprus finance crisis update, Cyprus Bank Closure Speculation Fuels Public Alarm, As Cypriot lawmakers are set to debate ways to raise EUR 5.8 billion in the next three days, which is a pre-requisite to receive the EUR 10 billion bailout from EU and the International Monetary Fund, rumors are rife that the country's leading lender Popular Bank, or Laiki Bank, is set to close down. The news triggered public alarm and saw individuals queuing up in front of cash machines
Latest economic data, German Ifo Business Sentiment Weakens Unexpectedly, Dents Recovery Hopes, Germany's business confidence deteriorated unexpectedly in March after hitting a ten-month high in the previous month as the turmoil triggered by Cyprus' bailout debacle and the political uncertainties in Italy hurt sentiment in the largest euro area economy
Deficits of this size are not sustainable. They are simply buying more from the rest of the world than they can afford.
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