What A Difference A Week Makes For Cyprus' Schrodinger Deposits

Following the Eurogroup press conference, the Cypriot Finance Minister Michael Sarris is currently explaining how:

  • *SARRIS SAYS TONIGHT IS GOOD NIGHT FOR CYPRUS, EURO ZONE and
  • *SARRIS SAYS UNCERTAINTY ON CYPRUS ECONOMY HAS ENDED    :BOCY CY

Having avoided the "disastrous exit" from the Euro. Should we believe him? Earlier in the week he exclaimed:

  • *SARRIS SAYS NOTHING WILL HAPPEN TO SAVINGS IN CYPRUS

And tonight we are told Bank of Cyprus uninsured 'savers' will face 40% haircuts and Laiki uninsured 'savers' as much as 100% (or total wipeout). It seems the lessons of Juncker are well studied in all the European Nations.

 

Though these are not the only contradictions this gentleman has made this week in his Junckerian manner...

On 3/20, we are told

  • *CYPRUS'S SARRIS: 'WE WILL BE HERE [RUSSIA] UNTIL WE GET SOME AGREEMENT'
  • *RUSSIA FINANCING TALKS WILL LAST `AS LONG AS IT TAKES': SARRIS

and then on 3/21

  • *SARRIS SAYS RUSSIANS LOOKING TO AID TO MAKE UP PART OF EU5.8 BN
  • *SARRIS SAYS HAS SEEN GREAT INTEREST FROM RUSSIA IN ENERGY
  • *SARRIS SAYS CAN'T SAY HOW MUCH RUSSIA CAN CONTRIBUTE

and then on 3/22

  • *CYPRUS DIDN'T GET REQUESTED RUSSIAN FINANCIAL SUPPORT: SARRIS

And even then the 'levy' - which would have needed a vote - was still there yesterday...

  • *CYPRUS'S SARRIS SAYS DEPOSIT LEVY REMAINS `ON THE TABLE'

but most notably - he explains that:

  • *SARRIS SAYS WAS WRONG TO PLACE DEPOSITS IN DOUBT

but now post major haircuts on depositors,

  • *SARRIS SAYS CYPRUS HAS ACHIEVED BEST POSSIBLE OUTCOME  :BOCY CY