Cyprus has taken a significant step towards securing its desperately needed bailout.
The bills approved in the last couple of hours will allow Nicosia to implement a much-deed restructure its banking sector, impose capital controls to prevent a run at its banks, and set up a solidarity fund that might attract new capital.
But it's only part of the battle. Cyprus still needs to meet the demands of international lenders, in time for the eurogroup meeting on Sunday.
It is going to be a tense, dramatic weekend for Cyprus. On Saturday, MPs are expected to reconvene at parliament to discuss and vote on the deposit levy -- back on the agenda, as other options run out.
The details of that tax will be fascinating, amid rumours that big depositors will lose 15% of their wealth.
Cyprus's president Nicos Anastasiades will then travel to Brussels to start the task of persuading eurozone officials to unlock its bailout before the European Central Bank can pull the liquidity plug on Monday.
Sunday's meeting of the eurogroup, complete with Christine Lagarde, will be a crucial event -- determining Cyprus's fate, and the long-term future of the eurozone.
Keep watching
over the weekend for the latest developments.
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GOLD CURRENT TRADE
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Our Position
Bought 1Apr Gold on 20/03/2013
Entry: 1605
Sell Stop : 1605
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SILVER CURRENT TRADE
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Our Positions
Bought 1May Silver on 21/03/2013
Entry: 29.15
Sell Stop : 28.49
Bought 1May Silver on 22/03/2013
Entry: 28.60
Sell Stop: 28.49
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No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
King Regards
