BIG NEWS: The European Central Bank has announced that it has agreed to continue supplying emergency funding to Cyprus's banks until next Monday.

But if the bailout hasn't been agreed by then, the ECB would step away. It's quite an ultimatum.

Here's the statement:

The Governing Council of the European Central Bank decided to maintain the current level of Emergency Liquidity Assistance (ELA) until Monday, 25 March 2013

Thereafter, 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.

That sets Nicosia a clear deadline -- find €6bn by next week, in a way that satisfies the IMF and the European Union, or your banks collapse.

My feeling on this now.....we've seen this 'edge of the precipis' (lousy spelling) situation, I've lost count how many times since 2008, that, (call me complacent), but the can is going to get another kicking. There is too much at stake whether you are the ECB, Russian, PIGS, or whatever. If you have the megabucks, you ain't gonna let the system collapse. "The bigger you are, the harder you fall". "Never waste a good crisis"....somebody is going to benefit, and it wont be us the little man.
Meh, what do I know?

Jane

I'm very tempted by Iceland too
The verne global data centre thing never happened though (at least not yet anyway) which is surprising, so no jobs there as yet :/

By John O'Donnell and Claire Davenport

BRUSSELS (Reuters) - EU lawmakers agreed on Tuesday to allow the ECB to police euro zone banks, but a levy imposed on Cypriot savers shows they will struggle to unify Europe's response to bank problems.

The deal between the European Parliament and member states finalises an accord agreed late last year to give the European Central Bank powers to supervise euro zone banks from mid-2014, a first step to a banking union across the 17-member bloc.

That agreement had initially been applauded as a step towards integration, but a surprise levy on Cypriot bank deposits has shaken hopes that Europe will unite in tackling bank problems rather than let countries struggle alone.

"This is a fundamental step towards a real banking union which must restore confidence in the euro zone's banks and ensure the solidity of the banking sector," said Michel Barnier, the European commissioner in charge of financial regulation.

Irish Finance Minister Michael Noonan, who played a central role in negotiations because Ireland holds the rotating EU presidency, welcomed the deal.

"The single supervisor is the core element of banking union and a vital step in breaking the vicious link between the banks and the sovereigns," he said in a statement.

The deal envisages that banks with assets of 30 billion euros, or larger than one-fifth of their country's economic output, are supervised by the ECB rather than national supervisors.

The next pillar of a banking union should be the creation of a central system and fund to close troubled banks, rather than leaving it to individual countries such as Cyprus or Ireland to have to manage alone.

I managed to get several grand out in cash over the till this lunchtime, talk about freaky looks I got lol :p

Cashier: (shaky voice) Do you mind if I ask what its for sir?
Yes, me, not you


lol :p

Call me simplistic but what would happen if say, at midnight tonight, all the debt in the world were cancelled, be that individuals or nations, and everyone just carries on with what they have from that point?

Call me simplistic but what would happen if say, at midnight tonight, all the debt in the world were cancelled, be that individuals or nations, and everyone just carries on with what they have from that point?

I made my man take some out yesterday too although he wasn't keen. Not alot but just some incase this gets worse. He can put it back if it comes to nothing.

He was asked what it was for too and he told them he was buying a van for cash. They shouldn't be asking though.... its akin to a Dr's receptionist asking what your health issues are over the phone when you make an appointment!

andyh wrote:
There, corrected it for you!
Anyways, what do you think to my post ? I value your opinion.

Jane