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Cyprus officials discuss alternatives to EU aid package

FXstreet.com (Barcelona) - Following the Cyprus parliament’s rejection of the EU rescue plan on Tuesday evening, the president Nicos Anastasiades has begun a meeting with party leaders and the central bank governor Panicos Demetriades on Wednesday morning in order to reach an agreement on an alternative proposition, less strainful for private depositors.

The Cyprus government’s spokesman Jrístos Stilianidis confirmed that a special commission for the elaboration of the ‘Plan B’ has been created. According to initial reports, using social security funds or the resources of the Orthodox Church is being considered.

It is also possible that the Cypriot banks will remain closed even until the middle of next week.

Meanwhile, the Cypriot finance minister Michael Sarris traveled to Moscow today, to negotiate the extension of the existing 2.5 billion euro loan and probably speak about the possibility of receiving additional funding aimed at protecting the wealthy Russians’ deposits held in Cypriot banks.

“Although Cyprus is making overtures now, European officials will not accept new loans from Russia to meet the EUR5.8 bln it needs to raise,” Marc Chandler, Global Head of Currency Strategy at BBH predicts. “That would, after all, be counter-productive to putting the country back on a sustainable fiscal trajectory. “

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The USD/JPY is trading around 95.40 (+0.25% on the day), pushing higher on Wednesday and fully retracing yesterday’s losses. The pair has its weekly high at 95.75, printed yesterday, and the 96.72 March-11 high remains the price to beat.
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