Brincadeira antecipada de Primeiro de Abril, claro, mas parece que seria a única maneira de os grandes correntistas russos, indignados com o sequestro de todo aquele dinheiro honesto adquirido com os ingentes esforços do capitalismo russo para contribuir ao desenvolvimento cipriota, tentarem recuperar pelo menos parte do investimento feito naqueles bancos cipriotas que perguntavam pouco e prometiam muito.
Paulo Roberto de Almeida
Cyprus Bailout Agrees Large Losses on Uninsured Depositors.
Citi Research, 25/03/2013
Deal consists of €10bn financial assistance envelope to be disbursed via the ESM, with some contributions possibly from IMF and Russia. In exchange, Cyprus agreed to resolve its second largest bank, Popular Bank of Cyprus (Laiki), merging its “good” assets and insured depositors into Bank of Cyprus. Insured deposits (below €100k) in both banks are safeguarded. Equity shareholders and all bondholders in both banks will be fully bailed in. Uninsured deposits in Laiki will be fully bailed in, while uninsured deposits in Bank of Cyprus will be converted into equity and suffer major losses targeted to ensure that the bank capital ratio ultimately is brought to 9%. Uninsured deposits in Bank of Cyprus will be frozen during the process and major liquidity restrictions and capital controls are being put in place. Legislation on a bank resolution regime was already approved by Cypriot parliament, allowing government to implement decisions taken last night without further parliamentary approval. Comment: The deal is a much more straightforward way of dealing with insolvent banks, rather than spreading the costs throughout the whole banking system. The deal removes to a large extent short-term uncertainty and the risk of uncontrolled bank bankruptcies which might possibly have led to Cyprus exiting EMU. However, with confidence in the Cyprus banking sector severely hit by developments of the past week, the risk of major deposit outflows occurring when capital controls are eventually removed (or softened) remains significant, in our view.
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