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Prepared by the European central bank (ECB), have no choice but to cut off aid to Cyprus, let it go this Mediterranean island into a financial collapse. The European central bank is confident enough to protect the rest of the countries in the euro area.
Cyprus parliamentary vote on Tuesday rejected a tax on bank depositors, and tax is the country's access to the eu 10 billion euros ($12,cheap oakley sunglasses.9 billion) bailout terms. It pushed the euro group of 17 countries into the uncertain future,replica oakleys.
Banking bailout funds will be mainly used to reorganization of Cyprus. The ECB said not bail out the Banks will go bankrupt, and it requires not only bank bankruptcy will give support.
If you refuse to help, Cyprus will be on the verge of a financial abyss.
For the rest of the euro-area countries, the ECB has a complete set of policy tools can prevent the spread of the crisis, ready-made measures, such as buying treasuries and unlimited liquidity,fake oakley sunglasses.
The ECB President Mario draghi is there a way to create new policy tools, only German resistance will cause some bondage. Last week the German business newspaper front page shows a picture of Mr Draghi, the headline: ",fake oakley sunglasses;poisonous gift: the ECB President Mario draghi is how to save the euro and destroy savers".
German bundesbank President jens weidmann objected to Mr Draghi's bond buying program, he thought it would be for government funding, but he accepted in principle the so-called long-term refinancing operation (LTRO), a year ago through the measures the ECB provided to the bank a 1 trillion euro ($) cheap money.
As a result, the ECB probably don't need to set a new crisis measures, even before the deployment of existing measures, the ECB will do our best to cooperate with the government appease savers.
"Spreading the risk that other countries bank runs," Pacific investment management co (PIMCO), senior portfolio manager Andrew Bosomworth, said.
"The ECB and the verbal intervention of the government can play a role, such as promised guaranteed deposits are not affected. In operation, make enough money in the ATM machine."