Europe Day Ahead: Brace for a run if Cyprus banks reopen
Monday, March 25, 2013 - 02:14
Mar. 25 - If Cyprus reopens its banks on Tuesday customers are likely to be in for a shock when they check their accounts. Technical difficulties may make it hard for them to withdraw their savings just yet.
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There's Soledad the Tuesday's key political and financial events. Banks in Cyprus expects to reopen off to more than a week welcome news for some perhaps. But not for those -- more than 100000 euros in deposits will find less money. In their accounts like -- bank will not reopen. All its insured deposits will be transferred to the bank of Cyprus to virus -- of Donald capital markets explains what's likely to happen next. Uninsured deposits would be I would remain frozen. Until the recapitalization for also systems all of this just means that. A lot of deposits a lot of wealth in the -- economy will remain frozen for quite some time. And of course that this would have a massive impact on the economy enhanced also am of course on the power amid the -- the U and IMF bailout program. Events in Cyprus and overshadowed Italy's political deadlock but -- among -- -- -- government party leaders will gather in room to -- cammarata coalition deal. Some members of pier Luigi -- on -- centrist Pontiac calling for coalition with our rival Silvia Berlusconi. In order to avoid a snap election talks fail. Heads of states from the bricks nations meet in Durban South Africa they'll discuss measures to a bonds trade investment and political cooperation. Between the emerging global powers they're also expected to give the go ahead for jointly -- infrastructure bank. Analysts say the measure could bring tangible benefits. It will fundamentally change. The ability to fund. Important infrastructure and other development projects one in order the -- economies capitalist economies in Africa. While emerging markets forge ahead here in Europe more evidence of troubling times French consumer confidence like -- took another -- in March. Unemployment is at a fifteen year high and is weighing heavily on the wrong. I'm not a lot of confidence is likely to be reflected in your results from Europe's biggest home improvement retailer kingfisher. It's expected to post an 11% drop and -- a profit back to Brian on helpful web weak economies and an even weaker pound. That's a look at the choose to remember to catch up on the latest developments voices today eight GMT every weekday. I'm -- for -- this is horses.
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