Tuesday, March 19, 2013

Well This Doesn't Sound Good: "Cyprus Finance Minister Resigns, President Refuses To Accept Resignation"

If you don't have a Finance Minister who will lie to the market?*
From ZeroHedge:
Update: President Anastasiades rejects FinMin Sarris' resignation. Unclear what happens next.
Things just took a turn for the much worse following this news from Market News:
  • CYPRUS FINANCE MINISTER SUBMITS RESIGNATION - SOURCES
  • MARKET NEWS CITES SOURCES ON CYPRUS FINANCE MINISTER
Unclear if German FinMin Schauble will promptly step in to fill this latest sovereign vacancy....
Also at ZH:
Cyprus Now Set To Vote Against Bailout, Ruling Party To Abstain Guaranteeing Failure To Ratify "Bail-In"
Cyprus Contagion Spreading: Greek Bonds Plunge Most Since Bailout
UK Sends Planeload Of Cash To Its Cyprus Troops As A "Contingency Measure"

* "He lied like a finance minister on the eve of a devaluation"
-Warren Buffett