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Forex Flash: Exclusion of Russia was a significant blunder - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts feel that when the post mortem of the Cyprus issue is conducted, the failure to include Russia, an important stakeholder in the talks, was a huge blunder.

They write, “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. That would, after all, be counter-productive to putting the country back on a sustainable fiscal trajectory.” The feel that the ECB has a difficult decision to make which is fundamentally political and not technocratic. Ultimately, Cyprus need to quickly propose an alternative. The team feel that selling exploration to the gas fields on its continental shelf to Russia´s Gazprom as some has suggested would seem to be tantamount to surrendering sovereignty in the other direction. They write, “The bank holiday will be extended and reports now suggest they might not re-open until the middle of next week.”

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The pair retraced 50 pips after reaching fresh session highs in the boundaries of the 0.8600 handle, after renewed strength in the sterling has been weighting on the cross. The pound found respite on Chancello...
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Forex Flash: Global markets calm in light of Cypriot debacle - BBH

Brown Brothers Harriman analysts note that the global capital markets have reacted calmly to the Cyprus rejection of the terms of the EUR10 bln aid package.
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