Narrow escape in Cyprus? It would not appear. The echo of the trouble spots in Europe is constantly moving: the media focus their attention first on Cyprus, then on Portugal, Greece and then on to make a brief stop in Italy and start again the ride. The daily life of the crisis, of course, does not stop with the subdues-albeit temporary-of the media spotlight. In that of Nicosia, in particular, it seems that not all the problems have yet come, completely, to the surface. A draft of the document bailout Cypriot read from Ft, it follows in fact a 'given' worrying: the total losses imposed on the bonds 'Junior' and current accounts-a necessary condition for the release of international aid-until now arrive in 5.8 billion euro, would be much broader scope. In numbers, that 'flaw' from almost € 6 billion would be a 'crater', in reality, from 10.6 billion euro.
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There is need to make money in that of Nicosia and then here's the idea: to sell the majority of its gold deposits. The 'Fort Knox' Cyprus has 'only' 13.9 tons of the precious metal but strongly believes in wanting to sell at least 10 tons (about 72%): the maneuver would guarantee an income of almost € 400 million and would be part of the package of measures agreed with Brussels to save the island's economy.
The price of gold, of course, were affected. Just as the dawn of the 'Cyprus case' had already fleshed out a blaze on the prices of the precious metal, now these rumors will depress the trend bringing them to $ 1, 556 / ounce (38.24 EUR per gram). To stir the waters, of course, is not the extent of the gold reserves that Cyprus would be about to put on the market (in 2009, France put on the market 17.4 tons of gold bullion) because the risk "emulation" by the other peripheral countries in trouble. . The Cypriot plan, if materialized, would collect the markets a strong "psychological blow" according to James Steel, precious metals analyst at HSBC .
The move to Cyprus will be a really unique? Or will it be an example for other countries in trouble? In the 2013-2014 period, meanwhile, the Cypriot economy will contract by 12.5% with public debt at 126.3% of GDP share for 2015. The document referred to above speak of "downside risks" that would lead to a deeper recession than we have, until now, assumed. With good probaibilità, the worst in Cyprus (symbol of this shaky Europe) is yet to come.
(Photo: Reuters /)
A protester during an anti-Troika in Cyprus
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