₦airaland Forum

tonjoan: I can now rest easy knowing that daily still signals eu long through to 1.2644 as first port of call

[size=14pt]Cyprus next country to seek euro bail-out, president suggests[/size]

Cyprus could be the next eurozone country to seek an emergency bail-out, its president Dimitris Christofias has suggested.


The tiny country, with less than 1m population, joined the euro in 2008 and is heavily exposed to the Greek banks.

Mr Christofias said he wouldn't rule out the possibility that the government may tap the European Union's bail-out fund to recapitalise the island's second-largest lender, Cyprus Popular Bank, which is the most heavily exposed to Greece.

"Certainly, I don't take it as a given that we will negotiate our induction into the support mechanism. But I don't want to exclude it entirely," Christofias said.

Cyprus Popular, which sustained record losses after taking a 74pc write down on its Greek government bond holdings, is struggling to meet a June 30 deadline to replenish its capital reserves.

Cyprus, faced with soaring bond yields hovering around 14pc on the 10-year bond, and with its debt considered junk status by two of the world's leading ratings firms, has few places to turn to cover its financing needs. Late last year, the country negotiated a €2.5bn (£2.02bn) bilateral loan from Russia. Now, Cyprus is in talks with China for another bilateral loan, of an undisclosed amount.

Mr Christofias said the government is looking to clinch another loan, but wouldn't elaborate. The government will unveil another austerity package later this month to meet a promised deficit target this year of 2.5pc of GDP.

The European Commission urged Cyprus earlier this week to further rein in spending and meet its deficit target as the economy is projected contract this year by 0.8pc of GDP before rebounding to a meagre 0.3pc in 2013.

"Cyprus is starting to feel the effects of the Greek crisis and may have no other recourse but to ask for European aid," Alex Apostolides, an economics professor at Nicosia's European University, told the Wall Street Journal. "There has been a narrowing of all other options that were available, to the point where going to the EFSF [European Financial Stability Facility] looks increasingly likely, almost inevitable."

The woes of Cyprus have emerged after a tough week on the markets, following week jobs data in the US and data which showed the UK manufacturing sector was shrinking at its fastest pace in three years.

The only bright light to shine on the gloom of the eurozone was the Irish voting in favour of the fiscal treaty on Friday, which has been as key vote of confidence in the austerity package that the European politicians want to impose on the eurozone. José Manuel Barroso, the head of the European Commission, welcomed the vote: "This Treaty is a key component of the EU's response to the current economic crisis. Restoring sustainability to public finances remains an important objective."

Are we there yet? 'Greek Drachma' on Bloomberg ticker

Traders around the world have been staring at their Bloomberg screens, hardly believing their eyes. The electronic information platform has been showing details for possible Greek Drachma trading.

The Bloomberg helpdesk described it as "an internal function which is set up to test."

The news comes in the wake of the heated discussions over the future of the euro zone and the membership of Greece. While many experts insist that Greece should leave the Euro and default, some suggest it should remain the union and introduce a parallel currency to the Euro to repay the country’s debt.

The Head of the European Investment Bank Werner Hoyer said on Tuesday that Greece will be able to remain a member of the union. “Greece will have the opportunity to solve the huge problems that it is facing. Continuing support from the EU will contribute to this, in case, of course, the very Greeks would want that,” Hoyer said.

And a survey at the weekend showed that Greeks prefer to stick to the Euro and not revert to the old drachma.

The Greek Drachma details have now been taken down from the Bloomberg service.

aguiyi: are we resting yet

aguiyi: can anybody here locate a good and very viable trade competition that members here would partake in. lets show the world what we are made of here on Nairaland
a competition that would not require any obligation from the partakers

aguiyi: longs activated on eu and gu

naijababe: Not fro what I am seeing on my chart, the same descending triangle on the weekly too. Entered my short already, will see how it plays out.

tonjoan: That weekly still speaks volume for a rally to 1600. 1639 and 1713 from the buy of 1558

aguiyi: my money don hang ,customer care sef no dey talk to me again once i tell them my account number.

i wanted to withdraw my fund and move on but the thing don hook.

chei, another $1460 gone with the wind ,

am un-installing that platform from my system for good

FOREXMART: Happy Birthday to you bro. Thanks for the comments.

HOUSE, WHERE IS NAIJABABE?

honeric01: Can a boy be small again? well i am a young man and i thank God for that. (Its your value that determines your status)

tonjoan: eu, do you want to get to 1.2150 and 1.1856 before you get tired of falling like a diving spear?

aguiyi: its the bulls small party time

any babe in the house to excuse me dance?


party time and venue is 1.2400

sammyzacks: Pls I nid a copy of d book, blissfullsilat@yahoo.com. Tanx so much.

latiana: Can you pls send me a copy too. My email is franco4real@yahoo.com. Thanks a bunch.

obawonoba: Can u pls send to me,my email is sannifarindem@yahoo.com.

mycutiepie: Thank you for sharing the e-book. You are such a cheerful giver

Can you please send me a copy too? My email is xceptionalwoman@gmail.com. I came online to check out naija recipes to keep my hubby going gaga for my cooking.
Thanks so much

moduperola: Kindly send to my e-mail address: mysunshinealways@yahoo.com.

Thanking you in advance.

honeric01: I don print screen, so i have "facts"

honeric01: Still stirring at me, wetin make i do?

FXKing2012: About to take my profits. Waooo. . .who says this aint the best job in the world. [color=#000000]Where is odiaero? We dont hear from him when he is losing, he only comes here to make noise when he luckily scalps some profit. A scalper is not a professional trader but a gambler.[/color]

nolly042: i thank God for that one. $20 is a huge money if u trade well

FOREXMART: Thanks to odiaero. I've gotten a hold of my account. With only $20 in it. The hacker wiped me out. And the person is here in Nigeria checking from the ip address in my cabinet. It is well. Life goes on.