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Forex Flash: Cyprus on final notice - OCBC Bank

FXstreet.com (Barcelona) - OCBC Bank analysts note that the ECB gave Cyprus final notice to raise EUR5.8bn in exchange for EUR10bn emergency bailout funds by next Monday.

They note that the ECB said, “Emergency liquidity assistance (ELA) could only be considered if an EU/IMF programme is in place that would ensure the solvency of the concerned banks.” Further, they add that an EU official said the collapse of Cypriot financial sector will probably force the country to abandon the Euro. The team finish by writing, “The Russian official has informed the European leaders that Russia has no intentions to lend more money to Cyprus. As such, a fire sale of state assets is likely to be the last resort for Cyprus to avert the imminent collapse.”

Forex: EUR/USD keeps highs around 1.2935/40

The euro continues to ignore the headlines from Cyprus, as the parliament will now vote on the permanence of the island within the euro zone. There is still doubts regarding the precise date, but it would surely be over the weekend....
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Forex Flash: South Korean new FinMin doesn´t guarantee a rate cut - Nomura

Nomura economist Young Sun Kwon notes that South Korean President Park Geun-Hye today appointed Dr. Hyun Oh-Seok as finance minister.
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