RANsquawk EU Market Re-Cap - 6th August 2012

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magpie's picture

Long IBEX, until they shut it down again ?

Peter K's picture

Heads up. This just came across on the DT crisis blog:


Debt inspectors from the International Monetary Fund, European Central Bank and European Commission visted Cyprus last month to assess how much aid the country may need to prop up its ailing banks, which are heavily exposed to Greece.

Minutes of a meeting seen by Reuters show that the troika found the economy in a "worse state than expected". Maarten Verwey, who represents the European Commission, was quoted as saying:

What we have seen is that your fiscal system is worse than we expected [...] prospects for growth are lower than what we expected, and as a result, there is a huge gap between your income and expenditure [...] You cannot maintain your present lifestyle if this continues [...] The government will not be able to pay salaries, so there is an urgent need for adjustment.

While Delia Velculescu of the IMF, said:

It would have been easier to have fixed them when times were good. Today it is harder because of difficult times, and worst (days) that lie ahead.