Via this story at Germany’s Spiegel Online comes the informative graphic below that breaks down the bank deposits in a number of interesting ways – by size and by country of origin.
Aside from the increase from 5.8 billion euros to 7 billion euros for “Cyprus must come up with” in the middle pie-chart, the other surprise here (at least to me) is that only 21 billion euros of the 37 billion euros held in accounts over 100,000 euros comes from outside the euro zone (primarily from Russia). My guess is that nearly all the Russian money is at the one bank that ‘s being targeted by Cyprus’ German overlords.
via Iacono Research http://iaconoresearch.com/2013/03/27/the-cyprus-bailout-in-pie-charts/
1) The global currency system is headed for collapse.
Amid mostly positive economic reports in the U.S., equity markets threatened all-time highs but came up short of new records as investors remain unfazed by the sequester spending cuts that went into effect on Friday. Fed Chief Ben Bernanke promised to keep monetary policy easy in the U.S. while, in Europe, turmoil following inconclusive elections in Italy may result in a new phase of the sovereign debt crisis there and, as a result, the trade-weighted dollar surged.
As the March 1st U.S. budget cuts known as “sequestration” rapidly approach with no deal in sight, equity markets ended the week slightly lower than where they began after the release of another set of Federal Reserve meeting minutes led traders to believe that the central bank might halt its money printing effort sooner than expected. Economic reports in the U.S. were mixed, but Europe’s recession deepened and this led to a stronger dollar that also pressured asset prices.
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