Cyprus Secures a bailout
This bailout is a “painful one”, according to Cyprus’ Parliament President. This bailout saved Cyprus from a banking system collapse and bankruptcy though.
The 10 billion euro Cyprus bailout has kept the country alive. The ECB (European Central Bank) was said to have threatened to cut on emergency assistance to Cyprus’ banks by Tuesday if there wasn’t an agreement reached.
The agreement consists of Cyprus raising 4.2 billion euros in return for the 10 billion dollar bailout from the ECB.
Ben Bernanke Speaks in London
Bernanke is scheduled to speak today in London alongside of the BOC Governor Mervyn King.
Investors and economists will have their eyes peeled to for any power words from Federal Reserve Chairman Bernanke or Sit Mervyn King.
It is possible to see significant volatility with the Euro today.
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